What is the Real Cost of Living in Geneva, IL?

Geneva, situated on the tranquil Fox River, is a charming and alluring suburb 45 miles west of downtown Chicago. Residents enjoy the picturesque scenery on leisurely walks or cycling along the riverbank. Despite its small-town atmosphere, Geneva offers many luxurious amenities usually only found in larger cities.

The arts commission sponsors cultural events such as Shakespeare in the Park, a summer concert series, and local theater productions. Regarding dining, Geneva has high-end restaurants and more casual options. Shopping is also exceptional, with over 100 stores in the historic downtown area and 60 more in the open-air shopping district located three miles west of downtown.

With its stunning landscape, thriving business district, and friendly locals, Geneva has something for everyone. Its charm has spread, attracting more and more individuals and resulting in notable population growth in the past few years.

However, living in a storybook setting comes with a price. The cost of living in Geneva, IL, is about 8% higher than the U.S. average. Tax rates are also slightly elevated at 8.3% for sales tax and 5% for income tax. While Geneva is relatively expensive nationally, it is much more reasonable than bigger cities. New York City, for instance, is 56% more expensive than Geneva. Continue reading for more details on life in Geneva.

The average rental property price in Geneva is higher than in other areas in Illinois and the U.S. The average rent for a studio is $1,550 compared to $990 across Illinois and $1,080 nationally. A one-bedroom apartment costs about $1,680, and a two-bedroom apartment costs about $1,930.

Beautiful Geneva has an eclectic mix of architectural styles. There are historic Queen Anne homes, Italianate, Greek, Federal Revival, and more styles. Geneva also has modern homes, grand estates, luxury townhomes, and condominiums.

The city is experiencing a seller’s market, so prices are higher, and homes are selling quicker than usual. Typically, prices increase as the number of bedrooms increases. The median home price in Geneva is comfortably below $500,000. Newcomers from New York City or certain areas of Chicago will find housing much more affordable in Geneva.

Geneva is considered an affluent community. Its median household income is over $105,000. Approximately 48% of individuals make under $100,000 a year, and 52% earn $100,000 or more. By comparison, a person making $100,000 in New York City would only have to make $92,507 in Geneva to maintain the same standard of living.

The unemployment rate in Geneva is 7.1%, marginally higher than the national average of 6%. However, since 2022, there has been an uptick in employment. Management jobs with an average salary of over $111,000 are the best-paying jobs in town. For industry jobs, transportation and warehousing earn the highest pay.

Northwestern Medicine Delnor Community Hospital is the top employer in the city. The Geneva Community Schools, Hearthside Food Solutions, the Geneva Park District, and MSI Express round out the top five employers in town.

Illinois enjoys all four seasons. However, the climate is cooler for longer than other regions of the country. That is why it is reassuring for residents to know that they do not have to bear unusually high costs for utilities such as electricity, heating, cooling, etc.

The cost of utilities in Geneva is slightly lower than the national average. The average Geneva resident pays $135 for electricity every month. Water usage is also on par with other utilities. You can expect to spend about $73 monthly for water and sewage.

Geneva boasts various dining options, from fast food places to high-end restaurants. The cost of dining out differs based on whether the restaurant is upscale. Regarding grocery shopping, prices are a tad higher than in other parts of Illinois, with a difference of approximately 6%. However, the markup is only around 0.6% compared to the national average.

In some ways, it costs more to live in Geneva. However, when it comes to transportation costs like gasoline, car insurance, and mass transit fees, it is 6.5% less expensive here than the national average.

Since the amount of time spent on the road impacts quality of life, it makes sense to look at commute times when considering the cost of living. About 72% of Geneva residents drive alone to work, 6% ride with others, 6.9% take public transportation, and 3.6% walk or bike to work. Commute times vary widely, but over half of the workers spend less than 24 minutes traveling one way. Nearly 18% get to work in fewer than nine minutes to get to work. When it comes to commuting, people in Geneva win big.

Discover an exclusive lifestyle in Geneva, where residents can enjoy the perks of living in a small idyllic community while having the bustling city of Chicago less than an hour away. Are you interested in finding houses for sale in Geneva, IL?

Amy Crane, a luxury real estate agent, is here to assist you. She treats every real estate transaction with the utmost care, ensuring her clients succeed in their property goals. With her diligence and formidable negotiation skills, you will be in your new home in no time.

Whether you want to buy, sell, or build a home, Amy has the knowledge and skills to manifest your goals. Get in touch with Amy today and start making your dreams a reality.