Cost of Living in Genoa, IL: Rent, Income & Home Prices

CheapRent takes 14 cents of every $1 people earn here.

🏠 Rent per month (2026)$1,04041% lower than U.S. average

💵 Families earn per year (2026)$88,575about $7,381/month · 2% higher than U.S. average

🔑 House price$225,20032% lower than U.S. average

Rent is lower than in 85% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are long, about 32.8 minutes each way.

How much money do I need?

To rent here comfortably, you should earn about $41,600 a year. That is $20 an hour at a full-time job.

Is rent cheaper than other Illinois cities?

Yes. Rent here is cheaper than in most of Illinois. It is number 60 of 334 cities from cheapest to most expensive.

Genoa

$1,040

$1,329

$2,304

$911

$1,012

$1,681

$3,500+

How much do households earn in Genoa?

Under $25k

14.4%

$25k–50k

17.0%

$50k–100k

39.3%

$100k–150k

20.5%

$150k+

8.5%

Share of households by yearly income. 28.9% of households earn $100,000 or more.

Rent by apartment size in Genoa

Size	Genoa	U.S. average
1 bedroom	$504	$1,324
2 bedrooms	$1,019	$1,509
3 bedrooms	$1,337	$1,698

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Genoa overall?

Everyday prices in Illinois overall are same as the U.S. average (index 100.0, U.S. = 100).

Housing

Goods (food, clothes…)

104

Utilities

Other services

100

U.S. average

100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Genoa, so the Illinois figure is shown.

Taxes and bills in Genoa

🏛️ Property tax$5,118a year · 2.27% of home value · U.S. $3,119

⚡ Electric bill$135a month (typical) · U.S. $156

Life in Genoa

Commute to work32.8 minU.S.: 26.4 min

College degree15.9%U.S.: 35.7%

Own their home68.8%U.S.: 65.2%

Below poverty line11.9%U.S.: 12.5%

Unemployment3.6%U.S.: 5.2%

Is it cheaper to rent or buy in Genoa?

Renting is cheaper right now: about $523 a month less.

Renting

$1,040

Owning

$1,563

Owning assumes a typical $225,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $22,520 for the down payment.

Frequently asked questions

What is the average rent in Genoa, IL?

Renting in Genoa costs a median of about $1,040 a month in 2026, including utilities. The Illinois median is $1,517.

How much do I need to make to live in Genoa?

To keep rent under 30% of income, you need about $41,600 a year, or $20 an hour at a full-time job.

Is Genoa cheap or expensive?

Genoa is rated Cheap: rent takes 14.1% of the typical household income of $88,575. It ranks 60th cheapest of 334 Illinois cities we track.

How much are property taxes in Genoa?

The median homeowner in Genoa pays $5,118 a year in property taxes, about 2.27% of the median home value.

Is Genoa more expensive than the national average?

Overall prices in Illinois are same as the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Genoa?

The median home value in Genoa is $225,200, about 2.5 times the typical yearly household income.

5,492 people live in Genoa. Numbers are typical (middle) values.

Is Genoa, IL expensive to live in?