Cost of Living in Ridgway, IL

With a cost of living index of 62, Ridgway, IL is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 18% below the Illinois state average of 80. Ridgway is a small community of 764 residents.

Housing costs are the biggest factor in Ridgway's cost of living. The median monthly rent is $732 (45% below the US median of $1,319), and the median home value sits at $73,700 (76% below the national median of $304,900). At current prices, the median home costs roughly 1.7x the median household income — well within traditional affordability guidelines.

The median household income in Ridgway is $42,404, which is 44% lower than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Ridgway. The area sees an average annual temperature of 57.2°F, with summers averaging 77°F and winters around 36°F. Annual rainfall totals 47.9 inches spread over roughly 118 days.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.