States › Illinois › Palatine

Is Palatine, IL expensive to live in?

OKRent takes 23 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,99314% higher than U.S. average
💵 Families earn per year (2026)$105,498about $8,792/month · 21% higher than U.S. average
🔑 House price$355,6007% higher than U.S. average

Rent is higher than in 69% of U.S. cities. A typical house costs about 3.4 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $79,720 a year. That is $38 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 269 of 334 cities from cheapest to most expensive.

Palatine
$1,993
Skokie
$2,015
Decatur
$946
Bolingbrook
$1,967
Des Plaines
$2,099
Orland Park
$2,124
Arlington Heights
$2,041

How much do households earn in Palatine?

Under $25k
8.1%
$25k–50k
18.9%
$50k–100k
30.1%
$100k–150k
22.2%
$150k+
16.9%

Share of households by yearly income. 39.2% of households earn $100,000 or more.

Rent by apartment size in Palatine

SizePalatineU.S. average
Studio$1,564$1,338
1 bedroom$1,444$1,324
2 bedrooms$1,807$1,509
3 bedrooms$2,131$1,698
4 bedrooms$2,464$2,098

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

How expensive is Palatine 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 Palatine, so the Illinois figure is shown.

Taxes and bills in Palatine

🏛️ Property tax$8,025a year · 2.26% of home value · U.S. $3,119
⚡ Electric bill$100a month (typical) · U.S. $156

Life in Palatine

Commute to work27.7 minU.S.: 26.4 min
College degree51.1%U.S.: 35.7%
Own their home67.4%U.S.: 65.2%
Below poverty line8.2%U.S.: 12.5%
Unemployment4.1%U.S.: 5.2%

Is it cheaper to rent or buy in Palatine?

Renting is cheaper right now: about $474 a month less.

Renting
$1,993
Owning
$2,467

Owning assumes a typical $355,600 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $35,560 for the down payment.

Frequently asked questions

What is the average rent in Palatine, IL?

Renting in Palatine costs a median of about $1,993 a month in 2026, including utilities. The Illinois median is $1,517.

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

To keep rent under 30% of income, you need about $79,720 a year, or $38 an hour at a full-time job.

Is Palatine cheap or expensive?

Palatine is rated OK: rent takes 22.7% of the typical household income of $105,498. It ranks 269th cheapest of 334 Illinois cities we track.

How much are property taxes in Palatine?

The median homeowner in Palatine pays $8,025 a year in property taxes, about 2.26% of the median home value.

Is Palatine 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 Palatine?

The median home value in Palatine is $355,600, about 3.4 times the typical yearly household income.

66,293 people live in Palatine. Numbers are typical (middle) values.