Oakland, IL
Population 948 · Illinois
About Oakland, IL
Oakland is a small community located in Illinois with a population of 948 residents according to the latest US Census Bureau American Community Survey data. The median household income is $49,571 per year, which is 34% below the national median of $75,149. The median age of 48.9 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 Oakland features a median home value of $97,200, which is 60% below the national median of $244,900. This makes Oakland one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $509, 56% below the national average of $1,163/month. Of the 537 total housing units, 78% are owner-occupied (354 units) and 22% are renter-occupied (98 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Oakland shows an unemployment rate of 6.1%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 11.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Oakland have an average one-way commute time of 25.2 minutes.
Education & Demographics
18.1% of Oakland 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 0.4% White, 0.1% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.4% of the population being foreign-born.
How Oakland Ranks in Illinois
Cost of Living in Oakland, IL
Compared to national averages, Oakland has a median household income of $49,571 (34% below the national median of $75,149). Home values average $97,200, which is 60% below the national median. Monthly rent at $509 is 56% below the US average of $1,163. Within Illinois, Oakland's income is 34% below the state average of $75,072, and home values are 41% below the state median of $165,779.
Why Live in Oakland, IL?
Oakland offers affordable housing with a median home value of $97,200, below the US average of $244,900, and rent that’s lower than the national average at $509/month, and a low poverty rate of 11.7%, better than the national average.
Potential considerations include median household income ($49,571) that falls below the national average. However, Oakland’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Oakland has a population of 948 with a median age of 48.9 years. Compare Oakland with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Oakland
Cities in Illinois with a similar population size.
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.
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Frequently Asked Questions about Oakland
What is the population of Oakland, IL?
The population of Oakland, IL is 948 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 Oakland?
The median household income in Oakland, IL is $49,571 per year, which is 34% below the national median of $75,149.
What is the median home value in Oakland?
The median home value in Oakland, IL is $97,200, which is 60% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Oakland?
The median monthly rent in Oakland, IL is $509, which is 56% below the national average of $1,163/month.
What is the unemployment rate in Oakland?
The unemployment rate in Oakland, IL is 6.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Oakland, IL a good place to live?
Oakland offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 948 and a median age of 48.9, the city appeals to established professionals and retirees.
How educated is Oakland, IL?
18.1% of residents in Oakland 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 Oakland?
Key cost-of-living indicators for Oakland, IL: median home value is $97,200 (60% below national), median rent is $509/month, and median household income is $49,571. The home-value-to-income ratio is 2.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Oakland?
The poverty rate in Oakland, IL is 11.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Oakland, IL?
Oakland's population is 0.4% White, 0.1% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.3% two or more races. 0.4% of residents are foreign-born.