Colfax, IL
Population 955 · Illinois
About Colfax, IL
Colfax is a small community located in Illinois with a population of 955 residents according to the latest US Census Bureau American Community Survey data. The median household income is $71,528 per year, which is 5% below the national median of $75,149. The median age of 36.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Colfax features a median home value of $123,000, which is 50% below the national median of $244,900. This makes Colfax one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $850, 27% below the national average of $1,163/month. Of the 387 total housing units, 78% are owner-occupied (284 units) and 22% are renter-occupied (81 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Colfax shows an unemployment rate of 9.6%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 8.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Colfax have an average one-way commute time of 33.2 minutes.
Education & Demographics
24.7% of Colfax residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 2.9% White, 0.1% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.2% of the population being foreign-born.
Cost of Living in Colfax, IL
Compared to national averages, Colfax has a median household income of $71,528 (5% below the national median of $75,149). Home values average $123,000, which is 50% below the national median. Monthly rent at $850 is 27% below the US average of $1,163. Within Illinois, Colfax's income is 5% below the state average of $75,072, and home values are 26% below the state median of $165,779.
Why Live in Colfax, IL?
Colfax offers affordable housing with a median home value of $123,000, below the US average of $244,900, and rent that’s lower than the national average at $850/month, and a low poverty rate of 8.7%, better than the national average.
Potential considerations include median household income ($71,528) that falls below the national average. However, Colfax’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Colfax has a population of 955 with a median age of 36.8 years. Compare Colfax with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Colfax
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Annawan | 955 | $71,250 | $138,200 | Compare |
| Essex | 956 | $101,094 | $219,000 | Compare |
| Orangeville | 957 | $70,833 | $135,600 | Compare |
| Danvers | 951 | $66,964 | $156,500 | Compare |
| Cissna Park | 960 | $50,625 | $117,900 | Compare |
| South Pekin | 949 | $64,750 | $106,000 | Compare |
| Harrison | 948 | $75,417 | $128,600 | Compare |
| Oakland | 948 | $49,571 | $97,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Colfax With Other Cities
Frequently Asked Questions about Colfax
What is the population of Colfax, IL?
The population of Colfax, IL is 955 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Colfax?
The median household income in Colfax, IL is $71,528 per year, which is 5% below the national median of $75,149.
What is the median home value in Colfax?
The median home value in Colfax, IL is $123,000, which is 50% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Colfax?
The median monthly rent in Colfax, IL is $850, which is 27% below the national average of $1,163/month.
What is the unemployment rate in Colfax?
The unemployment rate in Colfax, IL is 9.6%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Colfax, IL a good place to live?
Colfax offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 955 and a median age of 36.8, the city appeals to a broad range of residents.
How educated is Colfax, IL?
24.7% of residents in Colfax aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Colfax?
Key cost-of-living indicators for Colfax, IL: median home value is $123,000 (50% below national), median rent is $850/month, and median household income is $71,528. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Colfax?
The poverty rate in Colfax, IL is 8.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Colfax, IL?
Colfax's population is 2.9% White, 0.1% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 1.2% of residents are foreign-born.