Pennsylvania has about 1.1 million small business owners statewide who can apply for small business grants. Submitting an application and competing for Pennsylvania small business grants can help you grow your small or medium-sized enterprise in the Keystone State.
Pennsylvania’s economy has a gross domestic product of $923.1 billion as of 2022. That’s the sixth largest GDP in the United States out of the 50 states and the District of Columbia.
Small businesses contribute to the nation’s economy.Small and medium-sized firms exported about $10.7 billion worth of goods from Pennsylvania in 2020, which ranks 11th in the nation out of the 50 states and Washington, D.C., according to the most recent U.S. Census Bureau export data.Below we highlight some of the top small business grants in Pennsylvania that you can explore.
Grants for Small Businesses in PA
If you’re looking for small business grants in Pennsylvania, here are some potential options to consider:
Pennsylvania’s Global Access Program (GAP) Grant
- Program description: GAP is Pennsylvania’s State Trade and Export Promotion (STEP) grant reimbursement program that can help you export your goods and services from the Keystone State to foreign markets.
- Incentive: Receive up to $10K in reimbursements for eligible business expenses, including international marketing and trade show participation costs.
- General requirements: Here are some of the general requirements for this grant:
- Be a Pennsylvania small or midsized business licensed to manufacture, assemble, and distribute a product or provide an exportable service
- Be in good standing with the Pennsylvania Department of Revenue and IRS
- Identify one or more specific, achievable, export initiatives requiring financial support
- Be organized or incorporated in the United States
- Be an export-ready Pennsylvania company
- Be an active company with at least one year of operational experience
- How to apply: Submit your Pennsylvania GAP application to a local Regional Export Network (REN) office prior to the qualifying activity for which funding is sought. Local REN contacts may forward your application to the GAP administrator for final review.
Small Business Advantage Grant Program
- Program description: Pennsylvania’s Small Business Advantage Grant can defray some of the costs of making energy efficiency improvements or pollution prevention changes to your Pennsylvania small business operations.
- Incentive: Get reimbursed up to $5K for a single eligible project and up to $8K for implementing an eligible green project in a designated Environmental Justice Area with significant environmental savings.
- General requirements: Here are some of the general requirements for this grant:
- Be a Pennsylvania small business with 100 or fewer full-time employees
- Propose an energy efficiency or pollution-prevention project that saves your small business an annual minimum of $500 and at least 20% in energy use or pollution-related expenses
- Be registered to do business in Pennsylvania
- Have or obtain a Vendor Identification Number (also called an SAP Vendor Number) from the Pennsylvania Office of Budget
- How to apply: You can complete the Small Business Advantage Grant application online via the Pennsylvania Department of Community and Economic Development (DCED) website.
Philadelphia’s Fair Chance Hiring Initiative (FCHI)
- Program description: The FCHI program provides financial incentives to Philadelphia employers who hire local residents returning from incarceration within the last seven years.
- Incentive: Eligible employers who hire qualifying employees can receive a $6 per hour wage reimbursement for compensable hours worked up to 960 hours within 180 days of employment and a one-time $500 employment retention grant for each FCHI employee who completes the new hire period.
- General requirements: Here are some of the general requirements for this grant:
- Be a Philadelphia-based employer
- Generate less than $5 million in annual revenue
- Hire qualifying Philadelphians returning from incarceration within the last seven years
- Compensate qualifying employees at a minimum of $12.20 per hour
- Provide qualifying employees a minimum of 21 work hours per week
- Retain qualifying employees for a minimum of 90 calendar days
- Be registered and licensed with the City of Philadelphia and current on all applicable taxes
- How to apply: Contact the FCHI program to see whether you qualify for the FCHI grant and wage reimbursement program.
Philadelphia Business Security Camera Program
- Program description: This program can help Philadelphia business owners buy and install exterior cameras on commercial properties.
- Incentive: Receive up to $3,000 in reimbursement for installing exterior security cameras to a single commercial property in Philadelphia.
- General requirements: Here are some of the general requirements for this grant:
- Own or lease commercially occupied property in Philadelphia
- Be registered and licensed with the City of Philadelphia as a local business
- Plan a project with cost estimates of installing exterior cameras onto your commercial property
- Be current on all applicable taxes, water revenue billings, licenses, and any other obligations
- How to apply: You can access and submit the Business Security Camera Program application online.
Philadelphia’s Storefront Improvement Program (SIP) Grant
- Program description: This grant reimburses eligible property owners for some of the costs of improving a commercial building exterior or façade in the City of Brotherly Love.
- Incentive: Receive up to $10K in reimbursements for making façade improvements to an eligible single commercial property in Philadelphia or up to $15K for improving an eligible corner property or large commercial building with multiple addresses.
- General requirements: Here are some of the general requirements for this grant:
- Own or lease commercially occupied property on an eligible block within a commercial corridor in the City of Philadelphia
- Plan an eligible storefront improvement project
- Be current on all applicable taxes, water revenue billings, licenses, and any other obligations
- Have any necessary licenses and registration credentials with the City of Philadelphia as a commercial property owner or tenant
- How to apply: You can access and submit the SIP grant application online. Some projects are not eligible for this grant, including projects that would improve buildings occupied by or owned by religious institutions, schools, colleges, government offices, and elected officials.
Who Provides Small Business Grants in PA?
Local and state government agencies, including the Pennsylvania DCED’s Office of International Business Development and Philadelphia’s Department of Commerce, offer a variety of small business grants in Pennsylvania.
You can compare small business grants in Pennsylvania with similar programs in other states, such as:
- Arizona small business grants
- California small business grants
- Colorado small business grants
- Florida small business grants
- Georgia small business grants
- Illinois small business grants
- Indiana small business grants
- Maryland small business grants
- Michigan small business grants
- NC small business grants
- New York small business grants
- NJ small business grants
- Ohio small business grants
- Texas small business grants
- Wisconsin small business grants
Do You Have to Pay Back a Small Business Grant?
A small business grant typically comes with terms and conditions, and you may be responsible for paying back the grant if you violate those terms. In general, small and midsized business owners are not required to pay back an SMB grant absent any violations.
You typically have to sign a funding agreement to accept a small business grant. As mentioned above, the grant may come with certain conditions. Using the grant for an illegitimate purpose may violate the agreement and require business owners to pay back the grant.
Small business grants may require you to spend the money by a certain date. You may also have to provide proof of payment and a written statement detailing how you’ve spent the grant.
Who Is Eligible for Small Business Grants in PA?
Local business owners or operators of an enterprise with fewer than 500 employees may be eligible for small business grants in Pennsylvania.
The U.S. Small Business Administration’s Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees. A small business, including individuals with freelancing business ideas, may be eligible for small business grants.
What Industries Does PA Support With Grants?
Pennsylvania offers a variety of grants supporting the following industries:
- Food services and drinking places
- Food and beverage stores
- Hair, nail, and skin care services
- Manufacturing
- Retail trade (store and nonstore retailers)
PA Resources for SMB Owners Looking for Funding
Here are some resources for small and medium-sized businesses looking for funding in the Keystone State:
Pennsylvania Small Business Development Centers (SBDC)
Pennsylvania SBDC facilities across the commonwealth can provide Pennsylvania small business owners with the following services:
- Business training seminars, webinars, and workshops
- Access to market research tools and databases
- Confidential business consulting at no cost
SBA District Offices in PA
The U.S. Small Business Administration (SBA) is a federal agency that provides resources and support to small business owners. The SBA has two district offices in Pennsylvania:
- SBA Philadelphia District Office. This SBA district serves 40 counties in eastern Pennsylvania. Depending on where you’re based, you can contact the main office in King of Prussia, satellite office In Harrisburg, or the virtual office in Wilkes-Barre.
- SBA Pittsburgh District Office. This SBA district serves 27 counties in western Pennsylvania. It’s based in Pittsburgh.
Alternative Funding Sources for Small Businesses in PA
Here are some alternative funding sources for small businesses in Pennsylvania:
Pennsylvania State Small Business Credit Initiative (SSBCI)
Pennsylvania’s SSBCI is a federally funded program for small business owners in the Keystone State. Federal law — the American Rescue Plan Act of 2021 — allocates more than $267.8 million to Pennsylvania’s State Small Business Credit Initiative program.Here’s how Pennsylvania plans to use the SSBCI funding:
- PA-SSBCI Revolving Loan Fund Program — $125.8 million. This program uses SSBCI funds alongside private funds to support small business loans to eligible borrowers, including socially and economically disadvantaged individuals.
- PA-SSBCI Direct Venture Investment — $125 million. This equity capital program will help eligible startups access venture capital.
- PA-SSBCI Diverse Venture Loan Program — $17 million. This program provides SSBCI funds to venture capital firms that make investments in Pennsylvania-based small businesses led by diverse individuals.
PA Microloan Lenders
Community-based nonprofits may offer microloans of up to $50,000 to small business owners in Pennsylvania, including microloans for women-owned small businesses. In general, microloans can range from $500 to $50K and may be available to startups.
Pennsylvania SMB Loans from Private Lenders
Banks, credit unions, and private lenders may offer different types of small business loans to Pennsylvania business owners.Here are some of the funding products you may consider depending on your needs:
- Commercial real estate loans
- Equipment financing
- Small business loans for startups
- Working capital lines of credit
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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25 cheapest places to live in Illinois, from big-city living to quaint country life
Illinois is a state full of vibrant cities, productive farmland, and a rich history that has long enticed people from all walks of life. Located in the heart of the Midwest, it’s well known for its cultural attractions, top-notch schools, and strong employment market, particularly in industries like finance, agriculture, and technology.
Residents can enjoy all four seasons, from cozy winters to warm summers. Young professionals and students enjoy the dynamic urban hub of Chicago, while families are drawn to its amusement parks, lakes, and vast recreational regions. Whether you’re a lover of the outdoors, a career-driven person, or someone looking for the ideal balance of both, Illinois offers a value-packed, budget-friendly setting to suit your lifestyle.
Aerial_Views/istockphoto
Often known as the “Prairie State,” Illinois has a blend of urban settings and countryside escapes. From the pulsating energy of Chicago to the tranquility of small towns, the state caters to a spectrum of lifestyles. For those looking for a thriving art scene, career opportunities, excellent schools, or a quieter life amidst green pastures, Illinois has something to offer.
Here are some of the best places in Illinois to live, each with their own unique appeal.
Pgiam/istockphoto
As you’re home shopping in Illinois, you may find that you can get a lot for your money. The cost of living (COL) in Illinois is 90.8%, making it notably lower than the national average.
When looking at the cost of living by state, compared to its neighboring states, the COL in Illinois falls right in the middle. It’s slightly higher than Iowa’s 89.7, but lower than Wisconsin’s 95, for instance.
Looking at contributing factors to Illinois’ COL, housing comes in at a favorable 78.3%. The state does have the second-highest property taxes in the country, however, with an average rate of 2.07%. That’s double the national average rate.
Fortunately, there are plenty of bargains to be had, depending where in the state you choose to live. These are the best affordable places to live in Illinois.
1. Decatur
- Population: 69.097
- Median Household Income: $45,111
- Cost of Living: 80.0% of U.S. average
- Median Rent Price: $725
- Home Price-to-Income Ratio: 1.97
- Average Property Tax: 2.01%
Often praised for its low cost of living, Decatur is home to beautiful parks and recreational areas. It hosts a lively array of festivals and events, including the largest free street festival in the Midwest. It has a great public transportation system and educational opportunities at Millikin University. Those working in manufacturing and transportation will find ample job opportunities in the area.
Housing Affordability: Decatur’s real estate market has seen a notable shift, with the median rent currently standing at $725, reflecting a year-over-year decrease of $135. Despite this drop, the market remains hot, suggesting high demand and competitive property listings. Potential buyers may want to help their home shopping chances by learning some tips to qualify for a mortgage.
Westhoff/istockphoto
- Population: 146,713
- Median Household Income: $47,002
- Cost of Living: 88.4% of U.S. average
- Median Rent Price: $900
- Home Price-to-Income Ratio: 1.46
- Average Property Tax: 2.39%
Located near the Wisconsin border, Rockford is known for its thriving arts scene, including the Rockford Art Museum and the Coronado Performing Arts Center. Residents can also enjoy the peaceful Anderson Japanese Gardens. The city has a variety of job opportunities with a focus on healthcare and academia, and the public transportation system makes commuting easy. Housing in Rockford is affordable.
Housing Affordability: Rockford’s real estate landscape is showing subtle changes, with the cost of living indexed at 88.4, which is below the national average. The market temperature is cool, suggesting less competition and a more balanced environment between buyers and sellers. When evaluated against similar cities in Illinois, Rockford emerges as an affordable choice for many. A particularly telling metric is its home price-to-income ratio of 1.46, suggesting high housing affordability in Rockford.
DenisTangneyJr/istockphoto
- Population: 111,021
- Median Household Income: $53,568
- Cost of Living: 89.8% of U.S. average
- Median Rent Price: $999
- Home Price-to-Income Ratio: 2.41
- Average Property Tax: 2.36%
Nestled along the Illinois River, Peoria has a strong community feel, great schools, and a thriving cultural scene with numerous music and cultural festivals throughout the year. Residents enjoy the Peoria Riverfront for leisure activities, and the city is home to Bradley University, providing educational and job opportunities.
Housing Affordability: With a cost of living index at 89.8, just below the national average, and a modest increase in housing costs of just $9 year over year, Peoria’s real estate market is undergoing gradual changes. There is a moderate amount of activity and interest from potential buyers and renters in a market classified as warm. With prices less than three times the annual median income, Peoria offers a housing market that is quite reasonable, according to the home price-to-income ratio of 2.41.
ghornephoto/istockphoto
- Population: 28,472
- Median Household Income: $39,230
- Median Rent Price: $575
- Home Price-to-Income Ratio: 1.9
- Average Property Tax: 1.72%
- People over 65: 17.8%
Danville has a low cost of living and its housing market is one of the most affordable in the state. This small quiet city has a museum and art galleries, and its location along the Vermilion River makes it great for outdoor enthusiasts. There are plenty of state parks and nature preserves here.
Housing Affordability: Danville is affordable in comparison to other cities in Illinois. The home price-to-income ratio of 1.9 and the low media rental prices shows that Danville can be a good deal for many residents, especially first-time homebuyers, looking to buy or rent.
Danville by Randy von Liski (CC BY)
- Population: 23,413
- Median Household Income: $41,831
- Cost of Living: 89.6% of U.S. average
- Median Rent Price: $675
- Home Price-to-Income Ratio: 2.1
- Average Property Tax: 2.28%
Often referred to as the “Pretzel City” because of its historic pretzel-making heritage, Freeport offers a blend of small-town charm and urban conveniences. Its historic downtown features beautiful buildings, theaters, and art galleries. There are also many recreational options, including Krape Park with its waterfall and the annual Pretzel Fest.
Housing Affordability: Freeport’s real estate market presents a balanced dynamic, with a cost of living indexed at 89.6%, slightly below the national average, accompanied by a modest year-over-year increase of $21 in housing costs. The warm market temperature suggests moderate to active interest from potential buyers and renters. When juxtaposed with other Illinois cities, Freeport strikes a balance between affordability and desirability. A home price-to-income ratio of 2.1 in Freeport signals that housing remains comfortably affordable for many residents, as the cost of homes is just a little over twice the annual median income.
BOB WESTON/istockphoto
Illinois is a family-friendly state, with plenty of towns, cities, and suburbs that have good schools, welcoming neighborhoods, and lots of recreational opportunities. These are some of the best places to live in Illinois for families.
1. Park Ridge
- Population: 38,278
- Median Household Income: $124,535
- Median Rent Price: $2,832
- Home Price-to-Income Ratio: 4.79
- Average Property Tax: 2.19%
- Family Households: 72.21%
- Households with Children: 32.06%
A suburb of Chicago, Park Ridge offers families a tight-knit community feel. It has many parks and activities. Parents will appreciate that it has a reputation for top-tier schools. Commuting to downtown Chicago is easy using the Metra train.
Housing Affordability: The real estate scene in Park Ridge has had a notable increase in costs, as evidenced by the year-over-year increase of $482 in housing and rentals. Despite this growth, the market is cool, hinting at possible negotiation advantages for prospective buyers. Park Ridge is one of the more desirable locales in the state. The city’s home price-to-income ratio is 4.79. This underlines the city’s position as a premium housing destination, attracting those who are willing to pay a bit more for the quality of life and amenities it offers.
- Population: 47,258
- Median Household Income: $123,771
- Median Rent Price: $2,500
- Home Price-to-Income Ratio: 4.7
- Average Property Tax: 2.19%
- Family Households: 72.23%
- Households with Children: 32.77%
With its prime location about 15 miles northwest of Chicago, Glenview offers great schools, plus dining, shopping, and entertainment options. The community’s commitment to quality of life make it a top choice for families.
Housing Affordability: While there’s been a noticeable year-over-year increase of $200 in housing costs, the market’s cool temperature indicates a slower pace of transactions and possibly more room for negotiation for potential buyers. When compared to other cities in Illinois, Glenview leans towards the higher end in terms of costs, which might be reflective of its desirability and amenities. With a home price-to-income ratio surpassing 4, it indicates that homes in Glenview are priced at nearly five times the median annual income, signifying a premium market. Potential buyers may want to explore different types of mortgage loans to see what their best options are for buying in Glenview.
Glenview by David Wilson (CC BY)
- Population: 8,271
- Median Household Income: $207,275
- Median Rent Price: $5,600
- Home Price-to-Income Ratio: 4.46
- Average Property Tax: 2.16%
- Family Households: 95.35%
- Households with Children: 32.67%
Known for its historic charm and natural beauty, Long Grove offers plentiful housing options and serene landscapes. Families are drawn here by its strong school system. The annual Chocolate, Strawberry, and Apple Festivals make it fun for families as well.
Housing Affordability: Long Grove’s real estate market is on the pricier side compared to other Illinois cities, even though it’s currently a cool market. With a home price-to-income ratio of 4.46, homes in Long Grove cost about four and a half times the median income. This suggests the area is more upscale, attracting those who value quality and ambiance over cost. Going through the mortgage preapproval process might help give you an edge when you’re bidding on a house.
benkrut/istockphoto
- Population: 20,402
- Median Household Income: $153,674
- Median Rent Price: $2,089
- Home Price-to-Income Ratio: 3.47
- Average Property Tax: 2.16%
- Family Households: 73.73%
- Households with Children: 36.24%
Libertyville offers a balance of suburban charm and urban conveniences. It has exceptional schools and family-centric recreational areas such as Independence Grove. Newcomers will quickly feel at home since there is a large percentage of family households. MainStreet Libertyville events are a fun draw for parents and kids.
Housing Affordability: Libertyville’s real estate market has seen a decline in housing and rental costs with a year-over-year decrease of $301. Currently, it’s in a cool state. When compared to other cities in Illinois, Libertyville stands out as reasonably priced yet desirable. Its home price-to-income ratio of 3.47 indicates that the median home price is roughly three and a half times the median annual income, suggesting a balanced mix of affordability and appeal for potential homeowners and renters.
libertyville by Richie Diesterheft (CC BY)
- Population: 49,354
- Median Household Income: $105,217
- Median Rent Price: $1,925
- Home Price-to-Income Ratio: 3.9
- Average Property Tax: 2.29%
- Family Households: 65.46%
- Households with Children: 29.09%
Parents will appreciate that Downers Grove has a highly ranked school system. There are a variety of housing options for different budgets and family sizes. Parks host many family-friendly events, and commuting to Chicago is easy.
Housing Affordability: The real estate environment in Downers Grove is marked by a significant uptick in costs, as indicated by the pronounced year-over-year increase of $598 in housing and rental expenses. This rise, contrasted by the market’s cool temperature, suggests there may be ample opportunities for buyers to find value. The city’s home price-to-income ratio, while still affordable for many, indicates a premium housing market in the city, making it a destination for those prioritizing lifestyle amenities over cost.
Downers Grove by David Wilson (CC BY)
For young adults, these are the best places in Illinois to live for affordability, job opportunities, activities, and social life.
1. Chicago
- Population: 2,665,039
- Median Household Income: $65,781
- Median Rent Price: $1,858
- Home Price-to-Income Ratio: 2.66
- Average Property Tax: 2.19%
- Non-family Households: 48.33%
Illinois’ main metropolis, Chicago is a hub of culture and entertainment, with a dynamic arts scene, world-class theaters and restaurants, and numerous festivals throughout the year. Young adults make up a significant portion of the population, and job opportunities are plentiful across many industries. There are also excellent universities in the city such as the University of Chicago.
Housing Affordability: Chicago’s expansive real estate market has seen a moderate increase in costs, with a year-over-year change of $98 in housing and rental expenses. A warm market temperature highlights a consistently active interest from buyers and renters, showcasing the city’s appeal.
When juxtaposed with other cities in Illinois, Chicago stands out not just for its urban allure but also for its relative affordability. The city’s home price-to-income ratio of 2.66 provides a lens into this affordability. The balance between cost and urban opportunities further accentuates Chicago’s unique position as a metropolitan hub that remains accessible to a wide range of incomes.
James Andrews/istockphoto
- Population: 149,936
- Median Household Income: $135,772
- Median Rent Price: $2,375
- Home Price-to-Income Ratio: 2.18
- Average Property Tax: 2.29%
- Non-family Households: 25.21%
Located in the suburbs but with an urban feel, Naperville has both high median salaries for recent grads and a vibrant cultural scene. A substantial percentage of residents are between 20 and 34, and the city is just 35 miles from Chicago.
Housing Affordability: Naperville’s real estate market is characterized by an uptick in costs, evidenced by the year-over-year increase of $180 in housing expenditures. Despite this rise, the market maintains a cool temperature, suggesting potential opportunities for buyers seeking value. When placed in context with other cities in Illinois, Naperville maintains its reputation as a desirable place to live, with its costs reflecting the city’s amenities and quality of life. The city’s home price-to-income ratio, sitting at 2.18, cements Naperville’s position as a city that manages to blend both desirability and relative affordability within the broader Illinois housing landscape.
DenisTangneyJr/istockphoto
- Population: 111,021
- Median Household Income: $53,568
- Cost of Living: 89.8% of U.S. average
- Median Rent Price: $999
- Home Price-to-Income Ratio: 2.41
- Average Property Tax: 2.36%
Non-family Households: 45.84%
This city on the Illinois River combines culture with affordability, making it appealing to young adults. The home of Bradley University, there is a strong local economy with jobs in healthcare, education, and manufacturing. Various venues for events and entertainment help to create a vibrant social scene.
Housing Affordability: Peoria’s real estate landscape is currently marked by a gentle uptick, with its cost of living indexed at 89.8% and a modest year-over-year increase of just $9 in housing costs. The warm market temperature hints at a steady interest from homebuyers and renters, suggesting a moderate level of competition. When compared to other cities in Illinois, Peoria emerges as a balanced choice for buyers and renters.
If you’re trying to qualify for a mortgage in Peoria, or anyplace, and you have questions, a call to a home loan help center could give you the info you need.
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- Population: 113,273
- Median Household Income: $57,596
- Median Rent Price: $1,100
- Home Price-to-Income Ratio: 2.52
- Average Property Tax: 1.87%
- Non-family Households: 46.14%
As the state capital, Springfield offers both history and a myriad of job opportunities in education, healthcare, and government sectors. The city’s culture includes museums, theaters, and many events throughout the year. University of Illinois Springfield caters to students and provides additional jobs.
Housing Affordability: Springfield’s housing market has been heating up, with costs rising by $135 over the past year, pushing the market into a warm state. When stacked against other Illinois cities, Springfield offers both affordability and appeal. The city’s home price-to-income ratio of 2.52 means the median home price is about two and a half times the median income, signaling that housing in Springfield is relatively affordable, making it an attractive option for many looking to settle in Illinois.
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- Population: 52,553
- Median Household Income: $98,081
- Median Rent Price: $1,780
- Home Price-to-Income Ratio: 4.07
- Average Property Tax: 2.19%
- Non-family Households: 41.97%
Just 10 miles from downtown Chicago, Oak Park is perfect for young adults seeking urban energy and suburban tranquility. The city has a rich cultural history and ample jobs both local and in nearby Chicago.
Housing Affordability: Oak Park’s real estate market has seen an increase in housing and rental costs with a year-over-year rise of $301, but the overall market remains cool. Compared to other Illinois cities, Oak Park balances its distinct charm with a higher price tag. With a home price-to-income ratio of 4.07, the median home price in the city is about four times the median annual income, suggesting that while Oak Park is a desirable place to live, it comes at a premium in terms of housing costs. For those looking to buy a house in Oak Park, jumbo mortgage loans may be worth investigating.
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For older adults looking for a desirable place to live that fits their budget, Illinois has many options, from cities to small towns.
1. Rockford
- Population: $146,713
- Median Household Income: $47,002
- Cost of Living: 88.4% of U.S. average
- Median Rent Price: $900
- Home Price-to-Income Ratio: 1.46
- Average Property Tax: 2.39%
- People over 65: 16.9%
Known for its affordability, Rockford offers reasonably priced housing options, making it attractive to retirees on a budget. In Illinois, Social Security income isn’t taxed, adding to the financial appeal. The city provides various programs and assistance for seniors, and with attractions like the Anderson Japanese Gardens and the Coronado Theatre, entertainment and recreational activities are in abundance.
Housing Affordability: Rockford’s real estate market is on the affordable end, with a modest year-over-year increase of $51. Despite this rise, the market remains cool. Compared with other cities in Illinois, Rockford is a cost-effective choice. Its home price-to-income ratio of 1.46 shows that the median home price is just about one and a half times the median annual income, highlighting the city’s notable housing affordability.
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- Population: 1,429
- Median Household Income: $123,810
- Median Rent Price: $650
- Home Price-to-Income Ratio: 1.81
- Average Property Tax: 1.87%
A small community, Leland Grove boasts a peaceful atmosphere with tree-lined streets and lots of parks, ideal for retirees. Housing costs tend to be on the higher side compared to state averages, but they may be justified by the city’s amenities. That may be why the town’s household income is so high. As in all of Illinois, Social Security is untaxed. For recreation, the nearby city of Springfield offers a plethora of historical sites, museums, and parks.
Housing Affordability: Leland Grove’s real estate market has seen growth with housing and rental costs rising by 5.9% year-over-year. In comparison to other cities in Illinois, Leland Grove is relatively affordable. Its home price-to-Income ratio of 1.81 indicates that the median home price is slightly above the median annual income.
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- Population: 28,472
- Median Household Income: $39,230
- Median Rent Price: $575
- Home Price-to-Income Ratio: 1.9
- Average Property Tax: 1.72%
- People over 65: 17.8%
Danville’s housing market is one of the most affordable in the state. This affordability, combined with the state’s policy of not taxing Social Security, presents an appealing financial landscape for retirees. The town offers assistance programs for older residents, and its Vermilion River and cultural spots like the Fischer Theatre make for great recreational activities.
Housing Affordability: Danville’s real estate market has experienced a modest increase, with housing and rental costs rising by $25 over the past year. While the market remains cool, Danville is affordable in comparison to other cities in Illinois.
Randy von Liski
- Population: 3,765
- Median Household Income: $213,068
- Median Rent Price: $4,750
- Home Price-to-Income Ratio: 3.64
- Average Property Tax: 2.16%
This village in the Chicago metropolitan area offers a mix of housing options, with some upscale residences reflecting higher costs. Still, the serene wooded environment and proximity to urban amenities can be worth the price for many retirees. Entertainment and recreation are readily accessible, with shopping and dining options in nearby Deerfield, and various nature trails and parks in Riverwoods itself.
Housing Affordability: Riverwoods has seen a decline in housing and rental costs, with a year-over-year change of -3.5%. When compared to other cities in Illinois, it is very desirable but less affordable. The home price-to-income ratio of 3.64 indicates that the median home price is roughly 3.64 times the median annual income.
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- Population: 23,413
- Median Household Income: $41,831
- Cost of Living: 89.6% of U.S. average
- Median Rent Price: $675
- Home Price-to-Income Ratio: 2.1
- Average Property Tax: 2.28%
Often referred to as the “Pretzel City,” Freeport provides a balance of affordability and charm, with housing costs that are inviting to retirees. The absence of Social Security tax in Illinois only enhances its appeal. Beyond financial benefits, Freeport is home to a vibrant arts scene and recreational spots like Krape Park, making it a diverse and engaging place.
Housing Affordability: Freeport’s real estate market has witnessed a modest increase in housing costs, with a year-over-year rise of $21. Its market temperature is warm, indicating a balanced demand and supply. Compared to other cities in Illinois, Freeport offers relatively affordable housing options, as demonstrated by its home price-to-income (H P/I) ratio of 2.1, meaning the median home price is approximately 2.1 times the median annual income.
Freeport by IvoShandor (CC BY-SA)
1. Chicago
- If you long to live by a lake, Illinois has plenty of inviting options.
- Population: 2,665,039
- Median Household Income: $65,781
- Median Rent Price: $1,858
- Home Price-to-Income Ratio: 2.66
- Average Property Tax: 2.19%
Chicago offers numerous lakeside neighborhoods with varying housing costs, from the upscale Gold Coast to the more affordable Edgewater. The city’s rich cultural scene is practically unparalleled, with theaters, museums, and art galleries aplenty. While Illinois has progressive income tax rates, Chicago’s entertainment options, including Navy Pier, the beaches, and countless festivals, help to compensate, making the city a lively place to reside.
Housing Affordability: Chicago’s housing prices have gone up by $98 from last year. The real estate market is warm, meaning there’s a good amount of buying and renting activity. Compared to other Illinois cities, Chicago is both attractive and relatively affordable, as shown by its home price-to-income ratio of 2.66. This ratio means that despite being a major city, many people can still afford to live here.
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- Population: 8,612
- Median Household Income: $212,132
- Median Rent Price: $1,495
- Home Price-to-Income Ratio: 5.3
- Average Property Tax: 2.19%
Situated along Lake Michigan’s western coast, Glencoe is an upscale village known for its prestigious homes, often with higher housing costs. The town boasts a strong cultural foundation with the renowned Writers Theatre and the lush Chicago Botanic Garden. Taxes align with Illinois standards, but for some, the appeal of Glencoe’s scenic beaches and recreational parks justifies the expense.
Housing Affordability: In Glencoe, housing prices have decreased by $55 over the past year, leading to a cool real estate market with less activity. When compared to other cities in Illinois, Glencoe leans toward the higher end in terms of costs. Home prices here are significantly higher relative to incomes, making it less affordable for many residents.
- Population: 75,544
- Median Household Income: $87,345
- Median Rent Price: $2,095
- Home Price-to-Income Ratio: 2.18
- Average Property Tax: 2.19%
Combining urban energy with lakeside tranquility, Evanston’s housing costs vary, offering both high-end homes and more modest options. Northwestern University enriches the city’s cultural scene, hosting numerous events and arts programs. The appeal of Evanston beaches, combined with entertainment hubs like the Evanston Arts Center and the vibrant downtown, makes it an attractive waterside city.
Housing Affordability: Evanston’s real estate market has witnessed an increase in housing costs with a year-over-year rise of $345, despite a cool market atmosphere indicating slower activity. When weighed against other Illinois cities, Evanston presents a balanced mix of affordability and desirability, reflected in its home price-to-income ratio of 2.18. This suggests that home prices in Evanston are moderately aligned with local incomes, offering relatively good value.
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- Population: 24,315
- Median Household Income: $58,431
- Median Rent Price: $1,275
- Home Price-to-Income Ratio: 2.4
- Average Property Tax: 2.16%
Located further north along the coast of Lake Michigan, Zion has relatively reasonable housing options. The city has a growing cultural scene marked by events and festivals, especially in the summer. With taxes in line with state averages, the draw to Zion is enhanced by its serene beaches, the Illinois Beach State Park, and various recreational opportunities that appeal to both residents and visitors.
Housing Affordability: Zion’s housing market is warming up, evidenced by a year-over-year increase of $225. In comparison to other Illinois areas, Zion offers a reasonable balance between cost and desirability, with its home price-to-income ratio of 2.4 signaling that home prices are relatively in line with the average incomes in the area. This means residents are getting decent value in housing for their earnings, making Zion a competitive choice for many home seekers in the state.
- Population: 19,252
- Median Household Income: $194,267
- Median Rent Price: $3,813
- Home Price-to-Income Ratio: 4.3
- Average Property Tax: 2.16%
As its name implies, Lake Forest offers a lush environment combined with the elegance of Lake Michigan’s coastline. The city’s housing is on the pricier side, reflecting its upscale amenities and prestigious schools. The cultural scene is enriched by institutions like the Lake Forest Symphony. The blend of beaches, recreational parks, and a rich cultural calendar makes Lake Forest a coveted location for those seeking waterside living.
Housing Affordability: Lake Forest’s real estate scene has risen with an annual increase of $213 in housing and rental expenses. Despite a cool market temperature, it’s still a desirable area. Compared to other cities in Illinois, its home price-to-income ratio of 4.3 signifies that the housing prices in Lake Forest are somewhat on the higher side relative to income. This suggests that while the city offers upscale living, it might be less affordable for average earners.
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The state of Illinois offers a multitude of great living options to suit various tastes and budgets. From bustling urban hubs to serene suburban retreats, Illinois promises a home for everyone. With each city boasting its unique charm, the Prairie State truly stands out as one of best places to live in the country for families, young adults, and retirees.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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