Affordable

What Salary Do You Need to Live in Homewood?

To afford a 2-bedroom in Homewood, you need to earn at least $63,600/year based on estimated fair market rent data. The median household income here is $86,437, which means the typical resident is $22,837 above the threshold.

Census ACS Data Pop. 19,868

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$1,113	$3,710	$44,520	$-41,917
1 Bedroom	$1,320	$4,400	$52,800	$-33,637
2 Bedroom BENCHMARK	$1,590	$5,300	$63,600	$-22,837
3 Bedroom	$1,940	$6,467	$77,600	$-8,837
4 Bedroom	$2,385	$7,950	$95,400	+$8,963

Affordability Breakdown

Where the required salary line crosses above Homewood's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$86,437

Annual household

2BR Required Salary

$63,600

Under 30% rule

Income Gap

+$22,837

Surplus

Verdict

Affordable

Ratio: 22.1%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Homewood

Your Annual Salary

Pre-filled with Homewood's median household income

Max monthly rent you can afford$2,161

Studio

$1,113/mo

1 BR

$1,320/mo

2 BR

$1,590/mo

3 BR

$1,940/mo

4 BR

$2,385/mo

Your salary is $0 above the median income in Homewood.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Homewood's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Homewood

Homewood, Illinois stands out as one of the more financially accessible housing markets in the state. The median household income of $86,437 significantly exceeds the $63,600 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $22,837 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Homewood, a studio at $1,113/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,940/month remains accessible for dual-income households earning above $77,600.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $95,400 would position you well — though many residents in Homewood manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Homewood, Illinois.

With a total population of 19,868, the city supports an active civilian workforce of 8,954 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $63,600 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

8,954

Active civilian employees in Homewood

Frequently Asked Questions About Renting in Homewood

What salary do I need to live in Homewood, Illinois?

To afford a 2-bedroom in Homewood under the 30% rule, you need an annual salary of at least $63,600. The median household income in Homewood is $86,437.

Can I afford a 2-bedroom in Homewood on $86,437?

The affordability verdict for Homewood is "Affordable". The rent-to-income ratio is 22.1%, meaning median earners have a $22,837 surplus.

What is the average rent in Homewood compared to median income?

The median gross rent in Homewood is $1,320/month. With a median household income of $86,437, residents spend approximately 22.1% of their income on rent.

What salary do I need for a studio in Homewood?

A studio in Homewood rents for approximately $1,113/month. Under the 30% rule, you need an annual salary of $44,520 to afford this.

Is Homewood considered an affordable place to live?

Based on the surplus of $22,837 and an affordability verdict of "Affordable", Homewood is considered a affordable rental market when comparing the required 2-bedroom salary of $63,600 to the local median household income.

How Homewood Compares

Other cities in Illinois with salary requirements