Explore Montgomery
Frequently Asked Questions
How much does it cost to rent a condo in Montgomery, IL?
The median rent for a condo in Montgomery, IL is $2,200 per month, though prices vary by neighborhood, size, and property type. As of August 2026, townhouses tend to be the most affordable option while condos and single-family homes are currently more expensive.
How much do you need to make to afford rent in Montgomery, IL?
To comfortably afford the median rent in Montgomery, IL, a household needs to earn roughly $101,480 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,537 per month in Montgomery, IL, renters typically need to show $7,611 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Montgomery, IL?
In Montgomery, IL, the price-to-rent ratio is 11.4, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Montgomery, IL are best for renting a condo?
The best neighborhood for renting in Montgomery, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Fox Valley, Country Lakes, Meadow Glens and Southwest Saint Charles, each with its own character and price range.
