Buying a home in Illinois is still well within reach for most families. The typical home costs $263,300 — about 3.2× of the typical household income of $83,390 a year. That's one of the better ratios in the country. A family putting aside their entire income, with no other expenses, could cover the purchase price in around 3.2 years.
Renters face real pressure. The typical rent in Illinois is $1,274 a month, and 45% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 1% lower than the national average of 45%.
16.1% of Illinois homeowners with a mortgage spend more than 30% of their income on housing — above the national average of 16.1%.