Editor’s Note
This analysis highlights affordable Illinois cities where housing costs remain manageable without compromising quality of life, based on recent data from real estate and livability sources.
In a state where the average home value now approaches $300,000, finding a place that offers both affordability and livability may feel like a tall order. But according to a new report from GOBankingRates, Illinois is home to a surprising number of cities where you can stretch your housing dollar without sacrificing quality of life.
To compile its list of the state’s best hidden gem housing markets, GBR analyzed data from Zillow, AreaVibes, Sperling’s BestPlaces, the Bureau of Labor Statistics and the Federal Reserve. Cities were weighted based on how they rank in multiple categories, and an overall score was determined — producing a list of the state’s best blends of affordability and livability.
The average value of a single-family home in Illinois stands at about $293,000. In the following 15 locales, average values range from $50,000 to $165,000 below the state average.
Here’s a rundown of GBR’s top 15. For each locale, we’ve included average home value, how far below the state average that value sits, the average cost of a monthly mortgage, a livability score from AreaVibes and median household income.
Average home value in city: $148,516
Amount below average home value in state: $144,606
Average monthly mortgage: $850
Livability: 74
Median household income: $52,364
Markham is a suburb of Chicago, situated about 20 miles south of downtown. Its proximity to the big city means somewhat higher prices than many other cities on the list. Average monthly expenditures in Markham are a list-high $2,158.
Average home value in city: $132,084
Amount below average home value in state: $161,038
Average monthly mortgage: $756
Livability: 73
Median household income: $57,292
Rock Island is located in northwestern Illinois, along the Mississippi River. It’s a relatively inexpensive place to live, with average monthly total living costs below $2,600. Rock Island’s livability score is tied for lowest on the list.
Average home value in city: $129,470
Amount below average home value in state: $163,652
Average monthly mortgage: $741
Livability: 73
Median household income: $58,716
Peoria is located in central Illinois, about 165 miles southwest of Chicago. With about 112,000 residents, Peoria is the second-largest city in GBR’s list of housing market gems. Its livability score of 73 ties it with Rock Island for lowest on the list.
Average home value in city: $199,314
Amount below average home value in state: $93,807
Average monthly mortgage: $1,141
Livability: 76
Median household income: $77,960
You’ll find Fairview Heights in southwestern Illinois, about 12 miles east of downtown St. Louis. Fairview Heights has a median income of nearly $78,000, tops among the cities in GBR’s list. The average total monthly cost of living here sits around $3,100.
Average home value in city: $172,690
Amount below average home value in state: $120,431
Average monthly mortgage: $989
Livability: 75
Median household income: $71,763
East Peoria is located in central Illinois, directly across the Illinois River from the city of Peoria. Among the cities in GBR’s list, East Peoria has the highest percentage of retirees (about 20%). It trails only Fairview Heights in median household income.
Average home value in city: $149,653
Amount below average home value in state: $143,468
Average monthly mortgage: $857
Livability: 75
Median household income: $63,959
Moline sits in northwestern Illinois, about 165 miles west of Chicago and roughly 90 miles north of Peoria. Average monthly mortgages in Moline come in below $900, and other monthly expenditures add up to about $1,850 on average.
Average home value in city: $128,428
Amount below average home value in state: $164,693
Average monthly mortgage: $735
Livability: 74
Median household income: $65,960
Wood River is located in southwestern Illinois, about 20 miles northeast of downtown St. Louis. A monthly mortgage in Wood River will run you just $735 on average. The average total monthly cost of living comes in below $2,700. Wood River’s average single-family home value also comes in the furthest below the state average of any city in GBR’s list.
Average home value in city: $159,337
Amount below average home value in state: $133,785
Average monthly mortgage: $912
Livability: 76
Median household income: $62,305
Park Forest is situated about 30 miles south of downtown Chicago. Average monthly expenditures in Park Forest (about $2,160) are the second highest among cities in this list. You can still get a monthly mortgage payment of less than $1,000 on average, however.
Average home value in city: $136,120
Amount below average home value in state: $157,001
Average monthly mortgage: $779
Livability: 75
Median household income: $58,355
This central Illinois city sits about 10 miles south of Peoria. Pekin’s total average monthly cost of living pencils out to about $2,750. That includes just under $800 for an average monthly mortgage.
Average home value in city: $207,488