Cost of Living in Urbana, IL

With a cost of living index of 76, Urbana, IL is a very affordable place to live. Living here is 24% cheaper than the national average and 4% below the Illinois state average of 80. With a population of 38,447, Urbana is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Urbana's cost of living. The median monthly rent is $951 (28% below the US median of $1,319), and the median home value sits at $186,300 (39% below the national median of $304,900). At current prices, the median home costs roughly 4.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Urbana is $45,854, which is 39% lower than the national median of $75,149. Residents spend roughly 25% 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 Urbana. The area sees an average annual temperature of 52.5°F, with summers averaging 73°F and winters around 29°F. Annual rainfall totals 37 inches spread over roughly 122 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Champaign-Urbana, IL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.