Good Hope, IL
Population 397 · Illinois
About Good Hope, IL
Good Hope is a small community located in Illinois with a population of 397 residents according to the latest US Census Bureau American Community Survey data. The median household income is $69,063 per year, which is 8% below the national median of $75,149. The median age of 35.3 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Good Hope features a median home value of $95,900, which is 61% below the national median of $244,900. This makes Good Hope one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $788, 32% below the national average of $1,163/month. Of the 174 total housing units, 83% are owner-occupied (135 units) and 17% are renter-occupied (28 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Good Hope shows an unemployment rate of 2.1%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 6.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Good Hope have an average one-way commute time of 17.9 minutes, one of the shorter commutes in the region.
Education & Demographics
25.3% of Good Hope 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 1.5% White, 0.8% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Good Hope, IL
Compared to national averages, Good Hope has a median household income of $69,063 (8% below the national median of $75,149). Home values average $95,900, which is 61% below the national median. Monthly rent at $788 is 32% below the US average of $1,163. Within Illinois, Good Hope's income is 8% below the state average of $75,072, and home values are 42% below the state median of $165,779.
Why Live in Good Hope, IL?
Good Hope offers affordable housing with a median home value of $95,900, below the US average of $244,900, and rent that’s lower than the national average at $788/month, and a strong job market with an unemployment rate of just 2.1%. Additionally, the city features a low poverty rate of 6.5%, better than the national average, and short commute times averaging just 17.9 minutes.
Potential considerations include median household income ($69,063) that falls below the national average. However, Good Hope’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Good Hope has a population of 397 with a median age of 35.3 years. Compare Good Hope with other cities to see how it stacks up, or explore all cities in Illinois.
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Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Good Hope
What is the population of Good Hope, IL?
The population of Good Hope, IL is 397 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 Good Hope?
The median household income in Good Hope, IL is $69,063 per year, which is 8% below the national median of $75,149.
What is the median home value in Good Hope?
The median home value in Good Hope, IL is $95,900, which is 61% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Good Hope?
The median monthly rent in Good Hope, IL is $788, which is 32% below the national average of $1,163/month.
What is the unemployment rate in Good Hope?
The unemployment rate in Good Hope, IL is 2.1%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Good Hope, IL a good place to live?
Good Hope offers a moderate cost of living, affordable housing, and a strong job market. With a population of 397 and a median age of 35.3, the city appeals to a broad range of residents.
How educated is Good Hope, IL?
25.3% of residents in Good Hope 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 Good Hope?
Key cost-of-living indicators for Good Hope, IL: median home value is $95,900 (61% below national), median rent is $788/month, and median household income is $69,063. The home-value-to-income ratio is 1.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Good Hope?
The poverty rate in Good Hope, IL is 6.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Good Hope, IL?
Good Hope's population is 1.5% White, 0.8% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.