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City Report · IL

Waterloo

Pop. 11,129·116th most expensive in Illinois·One of the most affordable rental markets in the US
Median rent (all units)
$1,350/mo
Year-over-Year
Stable
Month-over-Month
Stable
vs US Median
-$615
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Most AffordableMost Expensive
Waterloo · $1,350
More affordable than 82% of US cities · National median $1,965/mo
Affordability
16% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,350/mo, rent takes about 16% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$54,000/yr
Local median income
$98,711/yr
Based on the 30%-of-income rule using Waterloo's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$840
1 BR
$880
2 BR
$1,090
3 BR
$1,410
4 BR+
$1,640
Research median
$1,090/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: March 14, 2026

Annual cost
$16,200/yr
At $1,350/mo median
Rent Market Meter
Balanced Market
Renter's MarketBalancedLandlord's Market
Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.
Based on rent-price momentum (+0.0% YoY, +0.0% MoM), not inventory.
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Demographics

Who lives here

Waterloo, IL is majority owner-occupied, has a large retiree population, has a median income above the national average, 37.3% of residents hold a bachelor's degree or higher.

Population
11,129
Median income
$98,711
Median age
41.5
Renters
21.8%
Age distribution
21.9%
18%
25.6%
13.9%
20.6%
Under 1821.9%
18–3418%
35–5425.6%
55–6413.9%
65+20.6%
Gender
48.8%
51.2%
Male48.8%
Female51.2%
Race & ethnicity
94.4%
White94.4%
Black1%
Hispanic1.8%
Asian1.7%
Other1.1%
Education (25+)
23%
36.4%
37.3%
No HS diploma3.3%
HS diploma23%
Some college36.4%
Bachelor's+37.3%
Housing tenure
78.2%
21.8%
Owner78.2%
Renter21.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Waterloo, IL has changed in 5 years

Income
$79,107 → $98,711
up 24.8%
Population
10,906 → 11,129
up 2.0%
Renter share
24% → 21.8%
-2.2 pts
Bachelor's+
35.8% → 37.3%
+1.5 pts
Median age
40.4 → 41.5
+1.1 yrs

Local incomes tracked alongside that move, going from a median of $79,107 in 2021 to $98,711 more recently. Headcount in the area went from 10,906 to 11,129 between 2021 and 2024, a 2.0% change. About 21.8% of households rent today, against 24% in 2021.

Community

Discussions about Waterloo

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View Waterloo rent history (2015–2026) →
Salary vs rent

Can you afford rent in Waterloo on your salary?

At $1,350/mo, how Waterloo rent compares to typical pay (30% rule).

By apartment size

Waterloo rent by bedroom count

Median rent for each apartment size in Waterloo. Click any size for full breakdown.

Local insights

Tips for renters in Waterloo

About renting in Waterloo, IL

Last updated: March 14, 2026

The median rent in Waterloo is $1,350/mo as of March 2026. A studio apartment averages $840/mo while a 2-bedroom runs $1,090/mo. One-bedroom apartments average $880/mo and 3-bedroom units go for $1,410/mo.

At 16% of local median household income ($98,711/yr), Waterloo ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Waterloo an affordable city for renters?

Waterloo is considered very affordable for renters. At $1,350/mo, rent takes approximately 16% of the local median household income ($98,711/yr). The standard benchmark is 30%. Waterloo falls comfortably within that range.

How much income do you need to rent in Waterloo?

To keep rent at or below 30% of gross income, you would need to earn at least $54,000/year (~$26/hour full-time) to afford the median rent of $1,350/mo in Waterloo. The local median household income is $98,711/yr, meaning the typical Waterloo household meets that threshold.

Is rent going up or down in Waterloo?

Rent in Waterloo has been relatively stable over the past year, with a 0.0% change year over year as of March 2026.

How does Waterloo rent compare to other cities in Illinois?

Waterloo is one of the more affordable cities in Illinois for rent, ranking #116 out of 158 tracked cities at $1,350/mo.

Which nearby cities are cheaper to rent in than Waterloo?

Several nearby cities have lower median rents than Waterloo ($1,350/mo): Belleville ($1,048/mo), Mehlville ($1,175/mo).

What percentage of Waterloo residents rent vs. own?

According to Census data, approximately 21.8% of Waterloo households are renters, while 78.2% are owner-occupied. Waterloo leans toward homeownership, which can mean a smaller rental inventory.

How does Waterloo rent compare to the national average?

Waterloo's median rent of $1,350/mo is $615 (31%) below the US national median of $1,965/mo. Within Illinois, it ranks #116 out of 158 tracked cities.
Income Affordability
16%
VERY AFFORDABLE

At $1,350/mo, rent takes ~16% of Waterloo's median household income ($98,711/yr). The standard benchmark is 30%.

Waterloo 16%Benchmark 30%
State income tax4.95%
Run the Waterloo affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Waterloo, IL

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