Frequently Asked Questions
How much does it cost to rent a single-family home in Montgomery, IL?
The median rent for a single-family home in Montgomery, IL is $2,400 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 $98,000 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 $2,450 per month in Montgomery, IL, renters typically need to show $7,350 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 11.9, 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 single-family home?
There are currently 4 single-family homes available for rent in Montgomery, IL. The median rent is $2,400 per month, with 3-bedroom houses renting at $2,298, 4-bedroom houses at $2,929 and 5-bedroom houses at $3,000.
Number of Houses for Rent
4
|
Median Single Family Home Rent
$2,400
|
Median 3 Bedroom Single Family Home Rent
$2,298
|
Median 4 Bedroom Single Family Home Rent
$2,929
|
Median 5 Bedroom Single Family Home Rent
$3,000
|
