Oakwood, IL
Population 1,243 · Illinois
About Oakwood, IL
Oakwood is a small town located in Illinois with a population of 1,243 residents according to the latest US Census Bureau American Community Survey data. The median household income is $43,894 per year, which is 42% below the national median of $75,149. The median age of 40.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Oakwood features a median home value of $98,300, which is 60% below the national median of $244,900. This makes Oakwood one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $795, 32% below the national average of $1,163/month. Of the 638 total housing units, 76% are owner-occupied (432 units) and 24% are renter-occupied (137 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Oakwood shows an unemployment rate of 1.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 26.6%, above the national average of 12.4%. Workers in Oakwood have an average one-way commute time of 24.9 minutes.
Education & Demographics
7.8% of Oakwood 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, 0.7% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.6% of the population being foreign-born.
Cost of Living in Oakwood, IL
Compared to national averages, Oakwood has a median household income of $43,894 (42% below the national median of $75,149). Home values average $98,300, which is 60% below the national median. Monthly rent at $795 is 32% below the US average of $1,163. Within Illinois, Oakwood's income is 42% below the state average of $75,072, and home values are 41% below the state median of $165,779.
Why Live in Oakwood, IL?
Oakwood offers affordable housing with a median home value of $98,300, below the US average of $244,900, and rent that’s lower than the national average at $795/month, and a strong job market with an unemployment rate of just 1.3%. Additionally, the city features short commute times averaging just 24.9 minutes.
Potential considerations include median household income ($43,894) that falls below the national average. However, Oakwood’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Oakwood has a population of 1,243 with a median age of 40.8 years. Compare Oakwood with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Oakwood
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Kincaid | 1,243 | $68,875 | $81,000 | Compare |
| Rossville | 1,246 | $62,708 | $97,800 | Compare |
| Neoga | 1,248 | $70,804 | $104,600 | Compare |
| Bethany | 1,253 | $50,139 | $101,700 | Compare |
| Stillman Valley | 1,261 | $87,311 | $168,000 | Compare |
| Divernon | 1,262 | $72,936 | $123,900 | Compare |
| Germantown | 1,268 | $83,661 | $185,300 | Compare |
| Cambria | 1,271 | $51,042 | $140,100 | 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 Oakwood With Other Cities
Frequently Asked Questions about Oakwood
What is the population of Oakwood, IL?
The population of Oakwood, IL is 1,243 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 Oakwood?
The median household income in Oakwood, IL is $43,894 per year, which is 42% below the national median of $75,149.
What is the median home value in Oakwood?
The median home value in Oakwood, IL is $98,300, which is 60% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Oakwood?
The median monthly rent in Oakwood, IL is $795, which is 32% below the national average of $1,163/month.
What is the unemployment rate in Oakwood?
The unemployment rate in Oakwood, IL is 1.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Oakwood, IL a good place to live?
Oakwood offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,243 and a median age of 40.8, the city appeals to a broad range of residents.
How educated is Oakwood, IL?
7.8% of residents in Oakwood 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 Oakwood?
Key cost-of-living indicators for Oakwood, IL: median home value is $98,300 (60% below national), median rent is $795/month, and median household income is $43,894. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Oakwood?
The poverty rate in Oakwood, IL is 26.6%, 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 Oakwood, IL?
Oakwood's population is 0.4% White, 0.7% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.7% two or more races. 0.6% of residents are foreign-born.