Affordable

What Salary Do You Need to Live in Toledo?

To afford a 2-bedroom in Toledo, you need to earn at least $31,520/year based on estimated fair market rent data. The median household income here is $58,917, which means the typical resident is $27,397 above the threshold.

Census ACS Data Pop. 1,181

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$552	$1,840	$22,080	$-36,837
1 Bedroom	$654	$2,180	$26,160	$-32,757
2 Bedroom BENCHMARK	$788	$2,627	$31,520	$-27,397
3 Bedroom	$961	$3,203	$38,440	$-20,477
4 Bedroom	$1,182	$3,940	$47,280	$-11,637

Affordability Breakdown

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

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$58,917

Annual household

2BR Required Salary

$31,520

Under 30% rule

Income Gap

+$27,397

Surplus

Verdict

Affordable

Ratio: 16.0%

The 30% Rule Calculator

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

Your Annual Salary

Pre-filled with Toledo's median household income

Max monthly rent you can afford$1,473

Studio

$552/mo

1 BR

$654/mo

2 BR

$788/mo

3 BR

$961/mo

4 BR

$1,182/mo

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

Salary Comparison by Bedroom

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

Affordable Above Median Median Income

What This Means If You're Moving to Toledo

Toledo, Illinois stands out as one of the more financially accessible housing markets in the state. The median household income of $58,917 significantly exceeds the $31,520 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $27,397 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Toledo, a studio at $552/month offers an even more aggressive savings rate. Even a 3-bedroom at $961/month remains accessible for dual-income households earning above $38,440.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $47,280 would position you well — though many residents in Toledo 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 Toledo, Illinois.

With a total population of 1,181, the city supports an active civilian workforce of 639 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $31,520 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

639

Active civilian employees in Toledo

Frequently Asked Questions About Renting in Toledo

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

To afford a 2-bedroom in Toledo under the 30% rule, you need an annual salary of at least $31,520. The median household income in Toledo is $58,917.

Can I afford a 2-bedroom in Toledo on $58,917?

The affordability verdict for Toledo is "Affordable". The rent-to-income ratio is 16.0%, meaning median earners have a $27,397 surplus.

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

The median gross rent in Toledo is $654/month. With a median household income of $58,917, residents spend approximately 16.0% of their income on rent.

What salary do I need for a studio in Toledo?

A studio in Toledo rents for approximately $552/month. Under the 30% rule, you need an annual salary of $22,080 to afford this.

Is Toledo considered an affordable place to live?

Based on the surplus of $27,397 and an affordability verdict of "Affordable", Toledo is considered a affordable rental market when comparing the required 2-bedroom salary of $31,520 to the local median household income.

How Toledo Compares

Other cities in Illinois with salary requirements