Affordable

What Salary Do You Need to Live in Monmouth?

To afford a 2-bedroom in Monmouth, you need to earn at least $31,480/year based on estimated fair market rent data. The median household income here is $58,991, which means the typical resident is $27,511 above the threshold.

Census ACS Data Pop. 8,764

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$551	$1,837	$22,040	$-36,951
1 Bedroom	$653	$2,177	$26,120	$-32,871
2 Bedroom BENCHMARK	$787	$2,623	$31,480	$-27,511
3 Bedroom	$960	$3,200	$38,400	$-20,591
4 Bedroom	$1,181	$3,937	$47,240	$-11,751

Affordability Breakdown

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

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$58,991

Annual household

2BR Required Salary

$31,480

Under 30% rule

Income Gap

+$27,511

Surplus

Verdict

Affordable

Ratio: 16.0%

The 30% Rule Calculator

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

Your Annual Salary

Pre-filled with Monmouth's median household income

Max monthly rent you can afford$1,475

Studio

$551/mo

1 BR

$653/mo

2 BR

$787/mo

3 BR

$960/mo

4 BR

$1,181/mo

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

Salary Comparison by Bedroom

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

Affordable Above Median Median Income

What This Means If You're Moving to Monmouth

Monmouth, Illinois stands out as one of the more financially accessible housing markets in the state. The median household income of $58,991 significantly exceeds the $31,480 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $27,511 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Monmouth, a studio at $551/month offers an even more aggressive savings rate. Even a 3-bedroom at $960/month remains accessible for dual-income households earning above $38,400.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $47,220 would position you well — though many residents in Monmouth 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 Monmouth, Illinois.

With a total population of 8,764, the city supports an active civilian workforce of 3,843 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $31,480 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

3,843

Active civilian employees in Monmouth

Frequently Asked Questions About Renting in Monmouth

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

To afford a 2-bedroom in Monmouth under the 30% rule, you need an annual salary of at least $31,480. The median household income in Monmouth is $58,991.

Can I afford a 2-bedroom in Monmouth on $58,991?

The affordability verdict for Monmouth is "Affordable". The rent-to-income ratio is 16.0%, meaning median earners have a $27,511 surplus.

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

The median gross rent in Monmouth is $653/month. With a median household income of $58,991, residents spend approximately 16.0% of their income on rent.

What salary do I need for a studio in Monmouth?

A studio in Monmouth rents for approximately $551/month. Under the 30% rule, you need an annual salary of $22,040 to afford this.

Is Monmouth considered an affordable place to live?

Based on the surplus of $27,511 and an affordability verdict of "Affordable", Monmouth is considered a affordable rental market when comparing the required 2-bedroom salary of $31,480 to the local median household income.

How Monmouth Compares

Other cities in Illinois with salary requirements