The 61832 zip code in Danville, Illinois tops our ranking of the most affordable places to live in the Midwest.
We looked at 1878 zip codes in the region, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in the Midwest
The Midwest includes Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin.
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Danville, IL 🥇 | 98.4 | $56,687 | $746 |
| 2 | Fort Dodge, IA🥈 | 98.4 | $121,548 | $779 |
| 3 | Quincy, IL 🥉 | 96.6 | $126,745 | $883 |
| 4 | Rock Island, IL | 96.4 | $121,460 | $995 |
| 5 | Decatur, IL | 95.9 | $107,830 | $956 |
| 6 | Waterloo, IA | 95.5 | $88,327 | $853 |
| 7 | Springfield, IL | 95.4 | $100,182 | $1,020 |
| 8 | Davenport, IA | 94.9 | $153,218 | $995 |
| 9 | Moline, IL | 94.6 | $140,099 | $1,196 |
| 10 | Alton, IL | 94.2 | $107,810 | $989 |
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1. Danville, Illinois
Here's why the 61832 zip code in Danville is the region's most affordable place to live.
🔎 Key data about Danville
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 98.4 | No. 1 | N/A |
| Median home value | $56,687[1] | No. 4 | -$228,668.08 |
| Home affordability ratio | 1.3 | No. 2 | -2.4 |
| Home value five-year change | 29.9%[2] | No. 76 | -10.1% |
| Home value one-year forecast | -0.8%[3] | No. 28 | -1.3% |
| Rental costs | $746[4] | No. 1 | -$678 |
| Rent affordability ratio | 1.71% | No. 40 | -0.1% |
| Median household income | $43,660[5] | No. 347 | -$32,970 |
| Property taxes | $1,485[6] | No. 6 | -$2,009 |
| Energy costs | $0.11 kWh[7] | No. 5 | -$0.02 |
Danville's 61832 zip code is the cheapest place to live in the Midwest, leading the 1878 markets we evaluated.
The median home value is $56,687, making it the 4th-cheapest housing market in the region. Forecasts project a -0.8% change in home values in the next year. Rent in the zip code averages $746 per month, which is the 40th-cheapest amount in the Midwest.
The median property tax for homeowners in Danville is $1,485 per household, the No. 6 ranked market in the Midwest.
Residents pay $0.11 per kWh of electricity, which ranks No. 5 among the region's markets.
2. Fort Dodge, Iowa
The 50501 zip code is the 2nd-cheapest place to live in the Midwest.
🔎 Key data about Fort Dodge
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 98.4 | No. 2 | N/A |
| Median home value | $121,548[8] | No. 7 | -$163,807.30 |
| Home affordability ratio | 1.9 | No. 3 | -1.8 |
| Home value five-year change | 21.4%[9] | No. 3 | -18.6% |
| Home value one-year forecast | -0.4%[10] | No. 20 | -0.9% |
| Rental costs | $779[11] | No. 2 | -$645 |
| Rent affordability ratio | 1.22% | No. 6 | -0.6% |
| Median household income | $64,013[12] | No. 43 | -$12,617 |
| Property taxes | $2,233[13] | No. 13 | -$1,261 |
| Energy costs | $0.11 kWh[14] | No. 1 | -$0.02 |
Fort Dodge's 50501 zip code has a median home value of $121,548, which is the 20th-cheapest housing market in the Midwest. You can rent for an average of $779 per month. That's the 2nd-cheapest price in the region.
The average household income in the zip code is $64,013, which ranks 43rd-highest in the Midwest.
Homeowners in Fort Dodge pay a median property tax of $2,233 per year, making it the 13th-most affordable market in the region.
Fort Dodge ranks No. 1 among the region's energy markets. You'll pay $0.11 per kWh of electricity.
3. Quincy, Illinois
The 3rd-cheapest place to live in the Midwest is Quincy's 62301 zip code.
🔎 Key data about Quincy
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.6 | No. 3 | N/A |
| Median home value | $126,745[15] | No. 49 | -$158,609.84 |
| Home affordability ratio | 2.5 | No. 65 | -1.2 |
| Home value five-year change | 6.1%[16] | No. 5 | -33.9% |
| Home value one-year forecast | -2.3%[17] | No. 5 | -2.8% |
| Rental costs | $883[18] | No. 5 | -$541 |
| Rent affordability ratio | 1.74% | No. 48 | -0.1% |
| Median household income | $50,712[19] | No. 328 | -$25,918 |
| Property taxes | $1,942[20] | No. 21 | -$1,552 |
| Energy costs | $0.11 kWh[21] | No. 5 | -$0.02 |
The No. 49 cheapest housing market in the Midwest is Quincy's 62301 zip code, with a median home value of $126,745. Rents in the market average $883 per month, making it the 5th-most affordable rental market in the region.
The median property tax for households in Quincy is $1,942, which makes it the 21st-cheapest place in the Midwest. Quincy ranks No. 5 among the region's markets by energy costs. Residents pay $0.11 per kWh of electricity.
4. Rock Island, Illinois
The 61201 zip code in Rock Island comes in at No. 4 on our list of the cheapest places to live in the Midwest.
🔎 Key data about Rock Island
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.4 | No. 4 | N/A |
| Median home value | $121,460[22] | No. 43 | -$163,895.04 |
| Home affordability ratio | 2.2 | No. 41 | -1.5 |
| Home value five-year change | 21.7%[23] | No. 39 | -18.3% |
| Home value one-year forecast | -1.7%[24] | No. 13 | -2.2% |
| Rental costs | $995[25] | No. 12 | -$429 |
| Rent affordability ratio | 1.79% | No. 55 | -0.1% |
| Median household income | $55,613[26] | No. 300 | -$21,017 |
| Property taxes | $2,853[27] | No. 64 | -$641 |
| Energy costs | $0.07 kWh[28] | No. 1 | -$0.06 |
The No. 4 cheapest housing market in the Midwest is Rock Island's 61201 zip code, where the median home value is $121,460. Renters here pay an average of $995 per month.
When it comes to energy costs, Rock Island ranks 1st among the region's markets. Residents pay $0.07 per kWh of electricity.
The median property tax for households in the zip code is $2,853, which makes it the 64th-cheapest market in the Midwest.
5. Decatur, Illinois
The 62521 zip code in Decatur ranks No. 5 among the region's most affordable places to live.
🔎 Key data about Decatur
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.9 | No. 5 | N/A |
| Median home value | $107,830[29] | No. 32 | -$177,524.77 |
| Home affordability ratio | 1.7 | No. 12 | -2.0 |
| Home value five-year change | 32.8%[30] | No. 107 | -7.2% |
| Home value one-year forecast | 0.2%[31] | No. 298 | -0.3% |
| Rental costs | $956[32] | No. 8 | -$468 |
| Rent affordability ratio | 1.52% | No. 17 | -0.3% |
| Median household income | $62,955[33] | No. 265 | -$13,675 |
| Property taxes | $2,523[34] | No. 42 | -$971 |
| Energy costs | $0.11 kWh[35] | No. 5 | -$0.02 |
Decatur's 62521 zip code has a median home value of $107,830, the 32nd-cheapest market in the region. Forecasts project a 0.2% change in home values in the next year.
The median property tax per household in Decatur is $2,523. It's the 42nd-cheapest market by tax rate in the Midwest.
6. Waterloo, Iowa
The No. 6 most affordable place to live in the Midwest is the 50703 zip code in Waterloo.
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🔎 Key data about Waterloo
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.5 | No. 6 | N/A |
| Median home value | $88,327[36] | No. 2 | -$197,028.16 |
| Home affordability ratio | 1.970088239 | No. 4 | -1.8 |
| Home value five-year change | 0.3519856867[37] | No. 45 | -4.8% |
| Home value one-year forecast | -0.3%[38] | No. 35 | -0.8% |
| Rental costs | $853[39] | No. 7 | -$572 |
| Rent affordability ratio | 1.90% | No. 63 | 0.0% |
| Median household income | 44834[40] | No. 74 | -$31,796 |
| Property taxes | $1,481[41] | No. 1 | -$2,013 |
| Energy costs | 0.1100503888 kWh[42] | No. 1 | -$0.02 |
The back half of our top 10 kicks off with Waterloo's 50703 zip code, which has the 2nd-cheapest home values in the Midwest. The median home value is $88,327. Rents average $853 per month, making it the 7th-most affordable rental market in the region.
Residents pay 0.1100503888 per kWh of electricity. It's the 1st-cheapest energy market.
7. Springfield, Illinois
Springfield's 62702 zip code is the 7th-cheapest place to live in the Midwest.
🔎 Key data about Springfield
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.4 | No. 7 | N/A |
| Median home value | $100,182[43] | No. 23 | -$185,173.12 |
| Home affordability ratio | 1.933492402 | No. 26 | -1.8 |
| Home value five-year change | 0.295490873[44] | No. 75 | -10.4% |
| Home value one-year forecast | -1.4%[45] | No. 20 | -1.9% |
| Rental costs | $1,020[46] | No. 15 | -$404 |
| Rent affordability ratio | 1.97% | No. 77 | 0.1% |
| Median household income | 51814[47] | No. 325 | -$24,816 |
| Property taxes | $1,962[48] | No. 22 | -$1,532 |
| Energy costs | 0.11201635 kWh[49] | No. 5 | -$0.02 |
You'll find the 23rd-cheapest home values in the Midwest in Springfield's 62702 zip code. The median value: $100,182. Renters in Springfield pay an average of $1,020 per month.
Homeowners in Springfield pay a median property tax of $1,962 per year, which is the region's 22nd-most affordable market.
The average household income is 51814, which ranks 325th-highest in the Midwest.
8. Davenport, Iowa
The 8th-cheapest place to live in the Midwest is Davenport's 52803 zip code.
🔎 Key data about Davenport
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.9 | No. 8 | N/A |
| Median home value | $153,218[50] | No. 12 | -$132,137.07 |
| Home affordability ratio | 2.535882572 | No. 13 | -1.2 |
| Home value five-year change | 0.24385794[51] | No. 6 | -15.6% |
| Home value one-year forecast | -1.7%[52] | No. 4 | -2.2% |
| Rental costs | $995[53] | No. 13 | -$430 |
| Rent affordability ratio | 1.65% | No. 52 | -0.2% |
| Median household income | 60420[54] | No. 53 | -$16,210 |
| Property taxes | $2,632[55] | No. 28 | -$862 |
| Energy costs | 0.1100503888 kWh[56] | No. 1 | -$0.02 |
The 12th-cheapest housing market in the Midwest is Davenport's 52803 zip code, with a median home value of $153,218. Renters pay an average of $995 per month, the No. 13 rental market in the region.
The median property tax for households in Davenport is $2,632, which makes it the 28th-cheapest place in the Midwest. The average household income of 60420 ranks 53rd.
9. Moline, Illinois
Moline's 61265 zip code sneaks into the top ten of the region's most affordable places to live.
🔎 Key data about Moline
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.6 | No. 9 | N/A |
| Median home value | $140,099[57] | No. 57 | -$145,255.75 |
| Home affordability ratio | 2.197464398 | No. 43 | -1.5 |
| Home value five-year change | 0.1855776469[58] | No. 29 | -21.4% |
| Home value one-year forecast | -1.7%[59] | No. 13 | -2.2% |
| Rental costs | $1,196[60] | No. 33 | -$229 |
| Rent affordability ratio | 1.88% | No. 65 | 0.0% |
| Median household income | 63755[61] | No. 258 | -$12,875 |
| Property taxes | $3,343[62] | No. 83 | -$151 |
| Energy costs | 0.07439101884 kWh[63] | No. 1 | -$0.06 |
The 57th-cheapest housing market in the Midwest is Moline's 61265 zip code, where the median home value is $140,099. Renters pay an average of $1,196 per month. It's the region's 33rd-cheapest rental market.
The median property tax for households within the zip code is $3,343, which makes it the 83rd-cheapest property tax rate in the Midwest.
10. Alton, Illinois
The final spot on our list of the most affordable places to live in the Midwest goes to the 62002 zip code in Alton.
🔎 Key data about Alton
| Data point | Value | Rank (out of 1878 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.2 | No. 10 | N/A |
| Median home value | $107,810[64] | No. 31 | -$177,544.93 |
| Home affordability ratio | 1.958724657 | No. 28 | -1.8 |
| Home value five-year change | 0.2828098476[65] | No. 67 | -11.7% |
| Home value one-year forecast | 0.6%[66] | No. 325 | 0.1% |
| Rental costs | $989[67] | No. 11 | -$435 |
| Rent affordability ratio | 1.80% | No. 56 | -0.1% |
| Median household income | 55041[68] | No. 305 | -$21,589 |
| Property taxes | $2,257[69] | No. 37 | -$1,237 |
| Energy costs | 0.11201635 kWh[70] | No. 5 | -$0.02 |
The 31st-most affordable housing market in the Midwest is Alton's 62002 zip code. The median home value is $107,810. Rent in the market costs $989 per month on average, making it the 11th-most affordable rental market in the Midwest.
The median property tax for households in Alton is $2,257, which is the 37th-cheapest property tax rate in the region.
Alton ranks No. 5 among Midwest markets by energy costs, with households paying 0.11201635 per kWh of electricity.
How we ranked the most affordable places in the Midwest
We evaluated 1878 zip codes in the Midwest with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a region by zip code.
Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
Methodology: What is an Affordability Score?
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in the Midwest, the higher our score on this component. We assign a weight of 23.8% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 23.8% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 4.8% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 4.8% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 11.9% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 4.8% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 11.9% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the regional average, the higher our score on this component. We assign a weight of 7.1% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the regional average, the higher our score on this component. We assign a weight of 7.1% to energy costs.
