Illinois is home to many cultural touchstones in American history. The home states of presidents Abraham Lincoln, Ulysses S. Grant, and Barack Obama, the Chicago Cubs, and the Chicago Bulls have made Illinois an iconic state that produces time and time again. Known for its bustling city of Chicago, the state sees much of its cultural and economic impact emanate from the ‘Windy City,’ as it makes up 65% of the state’s total population. Things like the very first aquarium and first skyscraper have been accolades Chicago has enjoyed for over a century.
Chicago, and Illinois by extension, are known for their rich musical influence, particularly in jazz, blues, and R&B genres. Innovators and inventors have also come out of the state, namely farm pioneers John Deere and Cyrus McCormick, who changed farming forever.
Housing In Illinois
The median home value in Illinois is ~$204,000, and the median rent is ~$1,500.
Some of the consistently highest-ranked suburbs to live in Illinois are Clarendon Hills, Buffalo Grove, Long Grove, Naperville, Evanston, Wilmette, Western Springs, and Green Oaks.
Illinois’ housing market is complicated. Since the 2008 financial crisis, Illinois has had trouble recovering fully to its pre-2008 rates. This can be attributed to population decline, decreasing supply for housing, and residential building permits. Illinois has experienced multiple years of population decrease, which is unique compared to any other state in the U.S.
Fortunately for prospective residents, the housing market is on its way back up, forecasted to go up 3.4% within the next year. The clamor for younger families and citizens is present in Illinois.
Taxes in Illinois
The general sales tax in Illinois rests at 6.3%. This can be raised depending on what city or municipality you’re in. For example, Chicago’s sales tax rate is 10.25%. This is Illinois’s, Cook County’s, and Chicago’s taxes combined.
Property taxes in Illinois are some of the highest in the country, with a total of 2.892%, which is significantly more than the national average. In McHenry County, you could expect to pay ~$5,900 on the median price of a home, ~$204,000, whereas the national average for that same property would average to ~$2,200.
Unfortunately, Illinois is consistently ranked alongside Connecticut as having the worst tax rates in the country.