At $1,969/mo, rent takes about 24% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,969 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
30% of the median household income ($100,139) is $2,503 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,180); a 4-bedroom is $2,560.
From Zillow's monthly rent index (ZORI) for Homewood. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Homewood, IL is majority owner-occupied, has a large share of families with children, has a median income above the national average, 47.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Homewood, IL has changed in 5 years
On the earnings side, the typical household in Homewood, IL now reports about $100,139, up from $81,940 in 2021. The population has contracted by 2.1% since 2021, moving from about 19,716 residents to roughly 19,294. Renters now make up 18.3% of households, compared with 21.6% five years ago. College-educated residents now make up 47.4% of adults here, versus 42.9% in 2021.
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Can you afford rent in Homewood on your salary?
At $1,969/mo, how Homewood rent compares to typical pay (30% rule).
Homewood rent by bedroom count
Median rent for each apartment size in Homewood. Click any size for full breakdown.
Tips for renters in Homewood
Last updated: October 17, 2026
The median rent in Homewood is $1,969/mo as of October 2026. A studio apartment averages $1,410/mo while a 2-bedroom runs $1,700/mo. One-bedroom apartments average $1,510/mo and 3-bedroom units go for $2,180/mo.
At 24% of local median household income ($100,139/yr), Homewood ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.
Frequently asked questions
How much income do you need to rent in Homewood?
Is rent going up or down in Homewood?
How does Homewood rent compare to other cities in Illinois?
Which nearby cities are cheaper to rent in than Homewood?
At $1,969/mo, rent takes ~24% of Homewood's median household income ($100,139/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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