Loraine, IL
Population 407 · Illinois
About Loraine, IL
Loraine is a small community located in Illinois with a population of 407 residents according to the latest US Census Bureau American Community Survey data. The median household income is $56,855 per year, which is 24% below the national median of $75,149. The median age of 48.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Loraine features a median home value of $88,100, which is 64% below the national median of $244,900. This makes Loraine one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $629, 46% below the national average of $1,163/month. Of the 189 total housing units, 84% are owner-occupied (147 units) and 16% are renter-occupied (27 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Loraine shows an unemployment rate of 5.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 9.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Loraine have an average one-way commute time of 26.3 minutes.
Education & Demographics
6.9% of Loraine residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.0% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 0.2% Asian residents, with 0.2% of the population being foreign-born.
Cost of Living in Loraine, IL
Compared to national averages, Loraine has a median household income of $56,855 (24% below the national median of $75,149). Home values average $88,100, which is 64% below the national median. Monthly rent at $629 is 46% below the US average of $1,163. Within Illinois, Loraine's income is 24% below the state average of $75,072, and home values are 47% below the state median of $165,779.
Why Live in Loraine, IL?
Loraine offers affordable housing with a median home value of $88,100, below the US average of $244,900, and rent that’s lower than the national average at $629/month, and a low poverty rate of 9.1%, better than the national average.
Potential considerations include median household income ($56,855) that falls below the national average. However, Loraine’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Loraine has a population of 407 with a median age of 48.6 years. Compare Loraine 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 Loraine
What is the population of Loraine, IL?
The population of Loraine, IL is 407 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 Loraine?
The median household income in Loraine, IL is $56,855 per year, which is 24% below the national median of $75,149.
What is the median home value in Loraine?
The median home value in Loraine, IL is $88,100, which is 64% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Loraine?
The median monthly rent in Loraine, IL is $629, which is 46% below the national average of $1,163/month.
What is the unemployment rate in Loraine?
The unemployment rate in Loraine, IL is 5.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Loraine, IL a good place to live?
Loraine offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 407 and a median age of 48.6, the city appeals to established professionals and retirees.
How educated is Loraine, IL?
6.9% of residents in Loraine 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 Loraine?
Key cost-of-living indicators for Loraine, IL: median home value is $88,100 (64% below national), median rent is $629/month, and median household income is $56,855. The home-value-to-income ratio is 1.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Loraine?
The poverty rate in Loraine, IL is 9.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Loraine, IL?
Loraine's population is 1.0% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 0.2% Asian, and 2.9% two or more races. 0.2% of residents are foreign-born.