Milan, IL
Population 5,037 · Illinois
About Milan, IL
Milan is a small town located in Illinois with a population of 5,037 residents according to the latest US Census Bureau American Community Survey data. The median household income is $61,188 per year, which is 19% below the national median of $75,149. The median age of 36.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Milan features a median home value of $120,300, which is 51% below the national median of $244,900. This makes Milan one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $817, 30% below the national average of $1,163/month. Of the 2,610 total housing units, 67% are owner-occupied (1,662 units) and 33% are renter-occupied (808 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Milan shows an unemployment rate of 1.2%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 15.1%, above the national average of 12.4%. Workers in Milan have an average one-way commute time of 20.3 minutes.
Education & Demographics
24.1% of Milan 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 6.6% White, 1.4% Hispanic or Latino, 1.9% Black or African American, and 0.8% Asian residents, with 3.0% of the population being foreign-born.
Cost of Living in Milan, IL
Compared to national averages, Milan has a median household income of $61,188 (19% below the national median of $75,149). Home values average $120,300, which is 51% below the national median. Monthly rent at $817 is 30% below the US average of $1,163. Within Illinois, Milan's income is 18% below the state average of $75,072, and home values are 27% below the state median of $165,779.
Why Live in Milan, IL?
Milan offers affordable housing with a median home value of $120,300, below the US average of $244,900, and rent that’s lower than the national average at $817/month, and a strong job market with an unemployment rate of just 1.2%. Additionally, the city features short commute times averaging just 20.3 minutes.
Potential considerations include median household income ($61,188) that falls below the national average. However, Milan’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Milan has a population of 5,037 with a median age of 36.5 years. Compare Milan with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Milan
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hoopeston | 5,039 | $55,180 | $63,400 | Compare |
| Pinckneyville | 5,055 | $55,000 | $117,100 | Compare |
| South Barrington | 5,004 | $211,083 | $986,300 | Compare |
| Eureka | 5,095 | $55,172 | $154,600 | Compare |
| Monee | 5,104 | $89,571 | $226,400 | Compare |
| Robbins | 4,956 | $37,594 | $114,200 | Compare |
| Coal City | 5,145 | $73,030 | $211,600 | Compare |
| Colona | 5,189 | $76,558 | $152,100 | 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 Milan With Other Cities
Frequently Asked Questions about Milan
What is the population of Milan, IL?
The population of Milan, IL is 5,037 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Milan?
The median household income in Milan, IL is $61,188 per year, which is 19% below the national median of $75,149.
What is the median home value in Milan?
The median home value in Milan, IL is $120,300, which is 51% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Milan?
The median monthly rent in Milan, IL is $817, which is 30% below the national average of $1,163/month.
What is the unemployment rate in Milan?
The unemployment rate in Milan, IL is 1.2%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Milan, IL a good place to live?
Milan offers a moderate cost of living, affordable housing, and a strong job market. With a population of 5,037 and a median age of 36.5, the city appeals to a broad range of residents.
How educated is Milan, IL?
24.1% of residents in Milan 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 Milan?
Key cost-of-living indicators for Milan, IL: median home value is $120,300 (51% below national), median rent is $817/month, and median household income is $61,188. The home-value-to-income ratio is 2.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Milan?
The poverty rate in Milan, IL is 15.1%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Milan, IL?
Milan's population is 6.6% White, 1.4% Hispanic or Latino, 1.9% Black or African American, 0.8% Asian, and 1.8% two or more races. 3.0% of residents are foreign-born.