Cost of Living in Hancock County, Illinois
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Hancock County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Hancock County ranks #714 of 3,144 counties for affordability (top 23%)
Data Story
About Cost of Living in Hancock County, Illinois
Hancock County offers solid rental affordability
At 13.9%, Hancock County's rent-to-income ratio sits below the national 30% affordability threshold and slightly undercuts Illinois's 14.7% state average. Renters enjoy moderate housing costs relative to their income, positioning the county as a middle-ground option statewide.
Mid-range affordability across Illinois
Hancock County's $755 median rent runs below the state average of $837, though it ranks higher than the state's most affordable counties. The 13.9% rent-to-income ratio reflects competitive pricing for central Illinois housing.
Pricier than Hamilton, cheaper than Henderson
Hancock County's $755 rent sits $189 higher than Hamilton County but $79 lower than Henderson County's $834 median. This middle positioning makes it a balanced choice for renters seeking moderate pricing without sacrificing access to nearby communities.
Balanced housing costs at 13.9% of income
With median household income of $65,044, residents pay $755 monthly rent, leaving strong purchasing power for non-housing expenses. Homeowners spend $723 monthly on properties averaging $108,400, creating affordable ownership pathways.
Considering central Illinois living?
Hancock County delivers reasonable housing costs without venturing into Illinois's cheapest or most expensive markets. Its balanced rent-to-income ratio and stable homeowner costs make it worth comparing to neighboring counties as you weigh your relocation options.
Cost of Living Advisory: Hancock County
Affordability Verdict
Housing in Hancock County is affordable. The median rent is $755/month against a median household income of $65,044, putting rent at 13.9% of income.
Rent vs. Own
At $755/month rent versus $723/month in owner costs, owning is roughly $32/month cheaper — a 4% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $30,200/year. For owner costs at the 28% rule, the required income is roughly $30,986/year. With a median household income of $65,044, most households can comfortably afford rent here. Notably, 23.0% of renter households in Hancock County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Fulton County where rent averages $808/month, Hancock County is approximately 7% less expensive.
Affordability Calculator
See how your income compares to housing costs in Hancock County
Rent Burden
13.9%
of gross income
Max Housing (28% Rule)
$1,518
per month
Owner Cost Burden
13.3%
of gross income
You can likely afford the median home in Hancock County
Median home value is $108,400. Estimated monthly cost: $865 vs. your max of $1,518.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
What is the cost of living in Hancock County, Illinois?
What is the median rent in Hancock County?
Is Hancock County affordable?
How does Hancock County's rent compare to the state average?
What is the median home value in Hancock County?
Counties with Similar Housing Costs
Planning a Move?
Researching the cost of living in Hancock County, Illinois? Compare moving quotes from top providers and save on your relocation.
Compare Moving QuotesCompare Mortgage Rates in Hancock County
Whether you're buying your first home or refinancing, compare rates from top lenders to find the best deal.
See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
CostByCounty participates in affiliate programs. We may earn a commission when you use our links, at no extra cost to you.