Key Economic Benchmarks
Median Household Income
$91,483$7,624 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Woodford County, IL
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Woodford County, IL
Official FY2026 HUD Fair Market Rents for Peoria, IL MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $758 | $9,096 | $30,320 | 9.9% |
| 1-Bedroom Apartment | $818 | $9,816 | $32,720 | 10.7% |
| 2-Bedroom ApartmentBenchmark | $1,039 | $12,468 | $41,560 | 13.6% |
| 3-Bedroom Home | $1,346 | $16,152 | $53,840 | 17.7% |
| 4-Bedroom Home | $1,449 | $17,388 | $57,960 | 19% |
50/30/20 Living Budget in Woodford County, IL
Based on the local median household income of $91,483/year ($7,624/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Illinois
Explore net income after federal income tax, FICA, and Illinois state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Illinois with official federal datasets:
Frequently Asked Questions About Living in Woodford County, IL
What is the median household income in Woodford County, IL?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Woodford County, IL is $91,483 per year (approximately $7,624 per month).
What is the average rent in Woodford County, IL?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Woodford County, IL are $758 for a studio, $818 for 1 bedroom, $1,039 for 2 bedrooms, $1,346 for 3 bedrooms, and $1,449 for 4 bedrooms.
How does the cost of living in Woodford County, IL compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Woodford County, IL is 91.2 (8.8% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Woodford County, IL?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,039/month) in Woodford County, IL requires a minimum gross household income of $41,560 per year ($3,463 per month).
What is a balanced 50/30/20 monthly budget in Woodford County, IL?
For a typical household earning the median income of $91,483/year ($7,624/month) in Woodford County, IL, a balanced 50/30/20 budget allocates $3,812/month to essential needs (rent, utilities, groceries), $2,287/month to discretionary spending, and $1,525/month to savings and debt repayment.
What are typical electricity and utility costs in Woodford County, IL?
Residential electricity rates in Illinois average 19.9¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $179 per month.