Cost of Living in Toledo, IL

With a cost of living index of 61, Toledo, IL is one of the most affordable cities in the country. Living here is 39% cheaper than the national average and 19% below the Illinois state average of 80. Toledo is a small community of 1,209 residents.

Housing costs are the biggest factor in Toledo's cost of living. The median monthly rent is $650 (51% below the US median of $1,319), and the median home value sits at $92,200 (70% below the national median of $304,900). At current prices, the median home costs roughly 1.5x the median household income — well within traditional affordability guidelines.

The median household income in Toledo is $59,881, which is 20% lower than the national median of $75,149. Residents spend roughly 13% 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 Toledo. The area sees an average annual temperature of 53.4°F, with summers averaging 74°F and winters around 31°F. Annual rainfall totals 36 inches spread over roughly 108 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.