When it comes to the cost of living in Illinois, it very much depends on where you live in the state. Living in Chicago will be more expensive than living in some of the more rural areas of Illinois. Nevertheless, the cost of living in Illinois is a bit lower than in other states. Coming in at 93.4 on an overall cost of living index of 100, Illinois is slightly more affordable than other places in the U.S. The median home value in Illinois comes in at just under $250,000, with property taxes higher than average in the U.S. (the statewide average is 2.16%). The top sector for job opportunities in Illinois appears to be the business and professional sectors, with pre-pandemic recovery growing steadily. Illinois state income tax is simple at a flat 4.95%.