States › Illinois › Summit

Is Summit, IL expensive to live in?

OKRent takes 23 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,25728% lower than U.S. average
💵 Families earn per year (2026)$66,719about $5,560/month · 23% lower than U.S. average
🔑 House price$232,60030% lower than U.S. average

Rent is lower than in 72% of U.S. cities. A typical house costs about 3.5 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $50,280 a year. That is $24 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 109 of 334 cities from cheapest to most expensive.

Summit
$1,257
Gages Lake
$1,872
Campton Hills
$1,935
Pingree Grove
$3,500+
Roscoe
$1,993
Worth
$1,293
Manhattan
$1,341

How much do households earn in Summit?

Under $25k
15.3%
$25k–50k
27.4%
$50k–100k
30.3%
$100k–150k
13.5%
$150k+
8.8%

Share of households by yearly income. 22.3% of households earn $100,000 or more.

Rent by apartment size in Summit

SizeSummitU.S. average
1 bedroom$973$1,324
2 bedrooms$1,230$1,509
3 bedrooms$1,609$1,698
4 bedrooms$2,221$2,098

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

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

Taxes and bills in Summit

🏛️ Property tax$5,476a year · 2.35% of home value · U.S. $3,119
⚡ Electric bill$105a month (typical) · U.S. $156

Life in Summit

Commute to work28.9 minU.S.: 26.4 min
College degree14%U.S.: 35.7%
Own their home60.9%U.S.: 65.2%
Below poverty line11.2%U.S.: 12.5%
Unemployment5.5%U.S.: 5.2%

Is it cheaper to rent or buy in Summit?

Renting is cheaper right now: about $357 a month less.

Renting
$1,257
Owning
$1,614

Owning assumes a typical $232,600 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $23,260 for the down payment.

Frequently asked questions

What is the average rent in Summit, IL?

Renting in Summit costs a median of about $1,257 a month in 2026, including utilities. The Illinois median is $1,517.

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

To keep rent under 30% of income, you need about $50,280 a year, or $24 an hour at a full-time job.

Is Summit cheap or expensive?

Summit is rated OK: rent takes 22.6% of the typical household income of $66,719. It ranks 109th cheapest of 334 Illinois cities we track.

How much are property taxes in Summit?

The median homeowner in Summit pays $5,476 a year in property taxes, about 2.35% of the median home value.

Is Summit 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 Summit?

The median home value in Summit is $232,600, about 3.5 times the typical yearly household income.

10,846 people live in Summit. Numbers are typical (middle) values.