Cost of Living in Waterloo, IL

With a cost of living index of 79, Waterloo, IL is a very affordable place to live. Living here is 21% cheaper than the national average and in line with the Illinois state average. Waterloo is a smaller community of 11,055 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Waterloo's cost of living. The median monthly rent is $873 (34% below the US median of $1,319), and the median home value sits at $237,900 (22% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in Waterloo is $92,005, which is 22% higher than the national median of $75,149. Residents spend roughly 11% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Waterloo. The area sees an average annual temperature of 56.5°F, with summers averaging 77°F and winters around 35°F. Annual rainfall totals 40.8 inches spread over roughly 117 days.

Everyday prices in the St. Louis, MO-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.