At $2,403/mo, rent takes about 28% 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 $2,403 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 ($103,734) is $2,593 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,593); a 3-bedroom is $2,724.
From Zillow's monthly rent index (ZORI) for Montgomery. 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
Montgomery, IL is majority owner-occupied, has a large share of families with children, has a median income above the national average, 28.7% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Montgomery, IL has changed in 5 years
Median household income climbed from $100,911 to $103,734 between 2021 and 2024, a 2.8% shift. Census counts show Montgomery, IL adding about 1,431 residents over the five-year window, up 7.1% on net. Bachelor's-degree-or-higher attainment moved from 32.2% to 28.7% across the same window.
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Can you afford rent in Montgomery on your salary?
At $2,403/mo, how Montgomery rent compares to typical pay (30% rule).
Montgomery rent by bedroom count
Median rent for each apartment size in Montgomery. Click any size for full breakdown.
Tips for renters in Montgomery
Last updated: October 17, 2026
The median rent in Montgomery is $2,403/mo as of October 2026. A studio apartment averages $1,605/mo while a 2-bedroom runs $1,593/mo. One-bedroom apartments average $1,356/mo and 3-bedroom units go for $2,724/mo.
At 28% of local median household income ($103,734/yr), Montgomery 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 Montgomery?
Is rent going up or down in Montgomery?
How does Montgomery rent compare to other cities in Illinois?
Which nearby cities are cheaper to rent in than Montgomery?
At $2,403/mo, rent takes ~28% of Montgomery's median household income ($103,734/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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