How much rent can you afford in Montgomery, IL?
Run your salary against Montgomery's current rent, or find the income you'd need for a target rent. Powered by live RentDataNow medians.
The 30% rent rule, in Montgomery
At a median rent of $2,188/mo, Montgomery is affordable when measured against Montgomery median household income of $103,734/yr. Rent would consume roughly 25% of pre-tax income, and a salary of about $87,520 keeps rent at the recommended 30% threshold.
How Montgomery compares nearby
Median rent for the closest cities with data.
Frequently asked
How much rent can I afford in Montgomery?
On a $103,734 salary (the Montgomery median household income), the recommended ceiling is 30% of pre-tax income, or about $2,593/mo. Montgomery's median rent is $2,188/mo. Use the calculator on this page to run your own salary.
What salary do I need to live in Montgomery?
To keep Montgomery's $2,188/mo median rent under 30% of income, you'd need about $87,520/yr. Lower your target share (e.g. 25%) to need more, or raise it (e.g. 40%) to need less.
Is Montgomery affordable on the median Illinois income?
Montgomery is affordable on a $103,734 income. Rent would take 25% of pre-tax pay, inside the recommended 30% threshold.
What's the 30% rent rule?
The 30% rule is a long-standing budgeting guideline that keeps rent at or below 30% of gross (pre-tax) income. It leaves enough room for utilities, transit, savings, and debt service. In high-cost markets, many renters exceed 30%, and the Census Bureau classifies households paying more than 30% of income on rent as "cost-burdened".