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Regional Guide: The Midwest Cost of Living Breakdown

The Midwest region of the United States is made up of the states in the central-north portion of the country. According to a Census Bureau estimate from 2006, this area of the nation has a population of around 66 million people. The largest cities in the Midwest are Chicago, Detroit and Indianapolis, in that order. Most states in the Midwest region are flat and are covered by prairies, which makes them good locations for the agriculture. Because states in this part of the country are landlocked, many goods are transferred by waterways. Major shipping channels include the Ohio River, Mississippi River and Great Lakes. It should come as no surprise that those visiting or moving to the region that there are a number of farms and fields all throughout the area.

Even though the Midwest has a number of major U.S cities sprawled across its land, those looking to move to the area should familiarize themselves with the region’s real estate and cost of living information. Below, we’ve done just that and have provided potential residents with each state’s information. See what the states have to offer as well as how they compare and differ across the region!

 

Illinois

illinois
Illinois is the 24th largest state in the U.S., and it has a population of about 12.7 million people, making it the fifth most populous state. Residents of Illinois have a median income of $57,445, and the median home value is $161,100. Renters pay a median of $905 per month. The state is notable for its varied economy; along with manufacturing, the agriculture and energy industries are both significant parts of the state's economic activities. Illinois also has a robust transportation industry, and the Port of Chicago connects the state to the Great Lakes, the Atlantic Ocean and the Mississippi River. See how the state’s top leading cities compare and differ, with regards to their real estate demographics, down below.

Springfield
- Median home value: $130,000
- Median rent: $900
- Median income: $47,030

Chicago
- Median home value: $267,000
- Median rent: $1,595
- Median income: $44,530

Peoria
- Median home value: $112,500
- Median rent: $900
- Median income: $46,855

 

Idaho

Idaho2
With a population of about 1.4 million residents, Idaho is the 39th most populous state, and it is the 13th in size. Despite its size, it is the seventh least densely populated state in the country. The median value of a home in the state of Idaho is $174,100, and median rent is $755. Residents of the state make a median of $45,490 per year. Mining is a major part of the state's economy, and 72 types of precious and semi-precious stones are found in it. Idaho also has a large agricultural industry, producing everything from the potatoes it is known for to wheat. Food processing, lumber production and paper products make up a significant part of the economy as well. Down below you can see how the top cities within the state compare to these above median real estate figures.

Boise
- Median home value: $303,430
- Median rent: $1,250
- Median income: $48,800

Coeur d'Alene
- Median home value: $538,030
- Median rent: $1,300
- Median income: $44,440

 

Iowa

Iowa
Iowa is bordered by the Mississippi, Missouri and Big Sioux Rivers, and it is the 25th largest state in the country. The state has a population of about 2.9 million residents, and the state's median income is $50,500. The median home value in Iowa is $124,700, and those who rent pay a median of $710 per month. The state of Iowa's economy relies on the manufacturing and real estate industries, and the main exports of the state are tractors, corn and soybeans. However, a number of other industries thrive in the state, including the biotechnology, manufacturing and insurance industries, and green energy production contributes to the local economy as well. The top leading cities and their real estate demographic info can be found down below.

Des Moines
- Median home value: $124,500
- Median rent: $1,075
- Median income: $45,875

Cedar Rapids
- Median home value: $190,000
- Median rent: $995
- Median income: $53,550

Kansas

Kansas
Kansas has a population of 2.7 million residents, and it is the 33rd most populous state in the nation. It is the 14th largest state, and it is also one of the most productive agricultural states. Soybeans, wheat and corn are some of the state's most plentiful crops. Kansas also produces a large amount of oil and gas. It ranks seventh in natural gas production and eighth in natural oil production. Kansas also relies on the aerospace industry, and the state is home to a number of aircraft manufacturing facilities, including Cessna and Learjet. Residents of the state make a median of $52,500 annually. The median home value is $120,200, and those who rent in Kansas pay a median of $775 per month. Check out a few of the top popular cities within the state to see how their real estate market compares to these median figures.

Wichita
- Median home value: $176,825
- Median rent: $875
- Median income: $39,910

• Kansas City
- Median home value: $101,485
- Median rent: $935
- Median income: $36,345

Michigan

michigan
Located in the Great Lakes region of the United States, Michigan is the 23rd largest state and boasts a population of 10.1 million residents, making it the eighth most populous state. Those living in the state have a median income of $49,845. The median home value in Michigan is $124,300, and the median cost of rent per month is $790. As a result of having two peninsulas and access to so much water due to the proximity of the Great Lakes, the state is one of the most popular for recreational boating. Manufacturing of automobiles, technology and military equipment are huge parts of the state's economy, and the mining of copper and ore are also important industries in Michigan. For those looking to move to Michigan, check out their top leading cities as well as their real estate information down below.

Detroit
- Median home value: $40,000
- Median rent: $775
- Median income: $27,140

Grand Rapids
- Median home value: $138,000
- Median rent: $1,362
- Median income: $44,800

 

Nebraska

Nebraska
Nebraska lies in the Great Plains region of the United States, and the fact that much of the state is covered by treeless prairie makes it an excellent location for cattle grazing. As a result, the state is a major producer of beef and pork. Nebraska's economy also relies on freight transport, by both railway and truck, as well as manufacturing and the IT industry. The state of Nebraska is the 15th largest in the U.S., and it is the 38th most populous with a total of 1.7 million residents. The median income for the state is $50,500, and the average home value is $167,900. Residents of the state who rent pay a median of $740 per month. See how these median figures compare to their top leading cities down below.

Omaha
- Median home value: $161,000
- Median rent: $1,300
- Median income: $51,910

Lincoln
- Median home value: $152,000
- Median rent: $1,200
- Median income: $49,650

 

Minnesota

minnesota
With a population of 5.1 million residents, Minnesota is the 21st most populous state in the country; it is the 12th largest by size. Individuals living in the state pay a median of $860 per month in rent, and if they purchase a home, the median value is $191,500. The state's median income is $58,475. The economy is very diverse, and a large percentage of it relies on agriculture. Minnesota is the largest producer of a number of agricultural products, including green peas and sugar beets. The state also has large forestry and mining industries, and Minnesota produces much of the iron ore used in the world. If you’re looking to move to Minnesota, check out a couple of their top cities real estate information to see how they compare to the above median figures.

Minneapolis
- Median home value: $245,000
- Median rent: $1,530
- Median income: $52,250

• Duluth
- Median home value: $164,200
- Median rent: $1,240
- Median income: $47,580

 

North Dakota

north-dakota
North Dakota is located in the northernmost portion of the contiguous 48 states, and it borders the Canadian provinces of Saskatchewan and Manitoba. The state has a total population of just over 630,000 residents, making it the 48th most populous state. Although the state's population is fairly small, the state is the 17th largest; this makes it the fourth least densely populated state. North Dakota’s largest industry is agriculture, but the local economy also relies on food processing, petroleum and technology. People living in the state earn a median income of $51,700, pay a median of $730 per month in rent, and will pay a median of $199,600 if they purchase a home. These median figures do differ across the state, however, so it’s best to check out their top leading cities to see how their real estate figures differ or compare.

Fargo
- Median home value: $288,600
- Median rent: $1,350
- Median income: $42,330

Bismarck
- Median home value: $316,380
- Median rent: $1,600
- Median income: $58,730

 

South Dakota

South Dakota
South Dakota is the fifth least densely populated state in the country. It is the 16th largest state, and it has a population of just over 770,000 residents, making it the 46th most populous state. The majority of the state's residents live in the eastern part of the state where the soil is most fertile. Unsurprisingly, agriculture is a huge part of the state's economy, and cattle and corn are two of the most valuable products the state produces. Industries related to agriculture, such as meat packing, also play an important role. However, in the last few years, the service industry has taken hold, and it has become the largest contributor to the state's economy. Individuals living in South Dakota make a median income of $50,980, and the median home value is $162,900, while the median rent is $650 per month. Down below, you’ll find a couple of the state’s top leading cities and their real estate information. See how this information compares to the state’s median figures.

Rapid City
- Median home value: $157,600
- Median rent: $1,200
- Median income: $45,090

Sioux Falls
- Median home value: $153,300
- Median rent: $995
- Median income: $52,190

(Real Estate Information Source: Trulia.com)


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