States › Illinois › Mount Prospect

Is Mount Prospect, IL expensive to live in?

OKRent takes 21 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,94011% higher than U.S. average
💵 Families earn per year (2026)$109,705about $9,142/month · 26% higher than U.S. average
🔑 House price$397,40019% higher than U.S. average

Rent is higher than in 66% of U.S. cities. A typical house costs about 3.6 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $77,600 a year. That is $37 an hour at a full-time job.

Is rent cheaper than other Illinois cities?

No. Rent here is more expensive than in most of Illinois. It is number 257 of 334 cities from cheapest to most expensive.

Mount Prospect
$1,940
Berwyn
$1,762
Tinley Park
$1,518
Oak Lawn
$1,558
Normal
$1,211
Wheaton
$2,237
Oak Park
$1,917

How much do households earn in Mount Prospect?

Under $25k
11.7%
$25k–50k
15.6%
$50k–100k
29.8%
$100k–150k
24.0%
$150k+
16.1%

Share of households by yearly income. 40.1% of households earn $100,000 or more.

Rent by apartment size in Mount Prospect

SizeMount ProspectU.S. average
Studio$1,527$1,338
1 bedroom$1,542$1,324
2 bedrooms$1,723$1,509
3 bedrooms$2,366$1,698
4 bedrooms$3,050$2,098

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

How expensive is Mount Prospect overall?

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

Housing
94
Goods (food, clothes…)
104
Utilities
85
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 Mount Prospect, so the Illinois figure is shown.

Taxes and bills in Mount Prospect

🏛️ Property tax$8,425a year · 2.12% of home value · U.S. $3,119
⚡ Electric bill$103a month (typical) · U.S. $156

Life in Mount Prospect

Commute to work25.9 minU.S.: 26.4 min
College degree48.6%U.S.: 35.7%
Own their home68.7%U.S.: 65.2%
Below poverty line6.6%U.S.: 12.5%
Unemployment3.8%U.S.: 5.2%

Is it cheaper to rent or buy in Mount Prospect?

Renting is cheaper right now: about $817 a month less.

Renting
$1,940
Owning
$2,757

Owning assumes a typical $397,400 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $39,740 for the down payment.

Frequently asked questions

What is the average rent in Mount Prospect, IL?

Renting in Mount Prospect costs a median of about $1,940 a month in 2026, including utilities. The Illinois median is $1,517.

How much do I need to make to live in Mount Prospect?

To keep rent under 30% of income, you need about $77,600 a year, or $37 an hour at a full-time job.

Is Mount Prospect cheap or expensive?

Mount Prospect is rated OK: rent takes 21.2% of the typical household income of $109,705. It ranks 257th cheapest of 334 Illinois cities we track.

How much are property taxes in Mount Prospect?

The median homeowner in Mount Prospect pays $8,425 a year in property taxes, about 2.12% of the median home value.

Is Mount Prospect 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 Mount Prospect?

The median home value in Mount Prospect is $397,400, about 3.6 times the typical yearly household income.

55,472 people live in Mount Prospect. Numbers are typical (middle) values.