States › Illinois › Prospect Heights

Is Prospect Heights, IL expensive to live in?

OKRent takes 21 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,6317% lower than U.S. average
💵 Families earn per year (2026)$91,681about $7,640/month · 5% higher than U.S. average
🔑 House price$346,5004% higher than U.S. average

Rent is lower than in 51% of U.S. cities. A typical house costs about 3.8 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $65,240 a year. That is $31 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 193 of 334 cities from cheapest to most expensive.

Prospect Heights
$1,631
Norridge
$1,585
Bradley
$1,312
Washington
$1,599
La Grange
$1,335
Country Club Hills
$1,797
Dixon
$1,052

How much do households earn in Prospect Heights?

Under $25k
7.8%
$25k–50k
22.0%
$50k–100k
33.1%
$100k–150k
18.4%
$150k+
14.6%

Share of households by yearly income. 33.1% of households earn $100,000 or more.

Rent by apartment size in Prospect Heights

SizeProspect HeightsU.S. average
Studio$1,868$1,338
1 bedroom$1,438$1,324
2 bedrooms$1,626$1,509
3 bedrooms$2,085$1,698

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

How expensive is Prospect Heights 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 Prospect Heights, so the Illinois figure is shown.

Taxes and bills in Prospect Heights

🏛️ Property tax$7,289a year · 2.10% of home value · U.S. $3,119
⚡ Electric bill$94a month (typical) · U.S. $156

Life in Prospect Heights

Commute to work26 minU.S.: 26.4 min
College degree41.3%U.S.: 35.7%
Own their home66.8%U.S.: 65.2%
Below poverty line7.3%U.S.: 12.5%
Unemployment3.5%U.S.: 5.2%

Is it cheaper to rent or buy in Prospect Heights?

Renting is cheaper right now: about $773 a month less.

Renting
$1,631
Owning
$2,404

Owning assumes a typical $346,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $34,650 for the down payment.

Frequently asked questions

What is the average rent in Prospect Heights, IL?

Renting in Prospect Heights costs a median of about $1,631 a month in 2026, including utilities. The Illinois median is $1,517.

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

To keep rent under 30% of income, you need about $65,240 a year, or $31 an hour at a full-time job.

Is Prospect Heights cheap or expensive?

Prospect Heights is rated OK: rent takes 21.3% of the typical household income of $91,681. It ranks 193rd cheapest of 334 Illinois cities we track.

How much are property taxes in Prospect Heights?

The median homeowner in Prospect Heights pays $7,289 a year in property taxes, about 2.10% of the median home value.

Is Prospect Heights 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 Prospect Heights?

The median home value in Prospect Heights is $346,500, about 3.8 times the typical yearly household income.

15,618 people live in Prospect Heights. Numbers are typical (middle) values.