Why You Won’t Be Able To Afford Retiring in These 4 Cities in Illinois
Written by
Andrew Lisa
Edited by
Joe Evans
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Illinois offers retirees the best of all worlds — classic Midwestern small towns, sprawling farmland and yesteryear pastoral scenery, natural splendor that includes but isn’t limited to the Great Lakes and, of course, access to America’s third-largest city.
With Redfin quoting average home prices at well under $200,000 in cities like Peoria, Rockford and Springfield, much of the state’s still accessible to budget-conscious retirees — much, but not all.
These Illinois towns and cities are charming, safe, clean and filled with amenities — but they’re well out of reach for the typical retiree.
A new GOBankingRates study used data from the Bureau of Labor Statistics, Zillow, AreaVibes and the Federal Reserve to identify the cities in Illinois that have priced out the average retiree.
If you have a modest budget and your heart set on Illinois, scratch these cities off your shortlist.
Kenilworth
- Average home value: $1,761,676
- Monthly mortgage: $10,495
- Monthly expenditure: $2,035
- Total monthly cost: $12,530
Kenilworth “is the newest of the eight Chicago suburban communities fronting on Lake Michigan, commonly referred to as ‘the North Shore,'” according to the city’s website.
Named by Niche as “one of the best places to live in Illinois,” retirees are drawn to Kenilworth’s many well-maintained green spaces and tranquil lifestyle, both of which belie its proximity to Chicago, a big city that’s just a short drive away for Kenilworth residents seeking a little action. But even for retirees with sizable nest eggs, the price is just too high.
The cost of living in this quaint and charming lakeside enclave is 140% higher than the national average, with housing costs soaring to 457% above average.
Glencoe
- Average home value: $1,368,815
- Monthly mortgage: $8,155
- Monthly expenditure: $2,003
- Total monthly cost: $10,158
Retirees will find Glencoe perched just north of Kenilworth on the coast of Lake Michigan, joining its neighbor as one of the exclusive and expensive North Shore towns. It’s just 24 miles north of Chicago’s Loop and borders the Cook County Forest Preserve, adding to the city’s natural splendor and outdoor offerings.
For those who partake in the game that defines retirement for so many, the Glencoe Golf Course is all part of the package, as are several parks, beach facilities and a bustling downtown business district. But like Kenilworth, retirees in Glencoe know that life on the North Shore isn’t cheap.
Glencoe’s living costs are 142% higher than the national average, with housing costs a whopping 466% higher than average.
Hinsdale
- Average home value: $1,106,532
- Monthly mortgage: $6,592
- Monthly expenditure: $2,001
- Total monthly cost: $8,594
To the west of downtown Chicago is Hinsdale, which spills over from Cook County into DuPage County. No one could blame retirees for being attracted to the town’s hometown vibe, natural beauty, friendly atmosphere and proximity to the city — but the love affair could be tainted by the steep price you have to pay to retire in Hinsdale.
The overall cost of living is 90% higher than the national average, thanks mostly to housing, which is 292% more expensive than the average American pays.
Barrington Hills
- Average home value: $983,238
- Monthly mortgage: $5,858
- Monthly expenditure: $2,022
- Total monthly cost: $7,880
Barrington straddles four Illinois counties: Cook, Lake, Kane and McHenry. Retirees are drawn to the area because, according to the Barrington Area Chamber of Commerce, it’s “a community with lush landscapes, quaint downtowns, and thriving businesses. The Barrington area is renowned for its country living, commitment to open green spaces and historic preservation endeavors.”
However, you have to pony up to enjoy the lifestyle — the cost of living in Barrington Hills is 85% higher than the national average, thanks mostly to the town’s brutal housing costs, which are 274% higher than average.
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