salaryRent is lower than in 59% 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 33.1 minutes each way. Most homes (81.7%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $58,960 a year. That is $28 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 161 of 334 cities from cheapest to most expensive.
How much do households earn in Homewood?
Share of households by yearly income. 32.0% of households earn $100,000 or more.
Rent by apartment size in Homewood
| Size | Homewood | U.S. average |
|---|---|---|
| 1 bedroom | $1,187 | $1,324 |
| 2 bedrooms | $1,295 | $1,509 |
| 3 bedrooms | $2,691 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Homewood overall?
Everyday prices in Illinois overall are same as the U.S. average (index 100.0, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Homewood, so the Illinois figure is shown.
Taxes and bills in Homewood
Life in Homewood
Is it cheaper to rent or buy in Homewood?
Renting is cheaper right now: about $60 a month less.
Owning assumes a typical $221,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $22,110 for the down payment.
Frequently asked questions
What is the average rent in Homewood, IL?
Renting in Homewood costs a median of about $1,474 a month in 2026, including utilities. The Illinois median is $1,517.
How much do I need to make to live in Homewood?
To keep rent under 30% of income, you need about $58,960 a year, or $28 an hour at a full-time job.
Is Homewood cheap or expensive?
Homewood is rated Cheap: rent takes 16.4% of the typical household income of $108,000. It ranks 161st cheapest of 334 Illinois cities we track.
How much are property taxes in Homewood?
The median homeowner in Homewood pays $5,933 a year in property taxes, about 2.68% of the median home value.
Is Homewood 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 Homewood?
The median home value in Homewood is $221,100, about 2.0 times the typical yearly household income.
19,294 people live in Homewood. Numbers are typical (middle) values.