Payson, IL
Population 1,030 · Illinois
About Payson, IL
Payson is a small town located in Illinois with a population of 1,030 residents according to the latest US Census Bureau American Community Survey data. The median household income is $62,262 per year, which is 17% below the national median of $75,149. The median age of 34.9 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 Payson features a median home value of $118,000, which is 52% below the national median of $244,900. This makes Payson one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $967, 17% below the national average of $1,163/month. Of the 409 total housing units, 84% are owner-occupied (313 units) and 16% are renter-occupied (59 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Payson 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 10.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Payson have an average one-way commute time of 24.4 minutes.
Education & Demographics
19.1% of Payson 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 1.4% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 0.3% Asian residents, with 0.5% of the population being foreign-born.
Cost of Living in Payson, IL
Compared to national averages, Payson has a median household income of $62,262 (17% below the national median of $75,149). Home values average $118,000, which is 52% below the national median. Monthly rent at $967 is 17% below the US average of $1,163. Within Illinois, Payson's income is 17% below the state average of $75,072, and home values are 29% below the state median of $165,779.
Why Live in Payson, IL?
Payson offers affordable housing with a median home value of $118,000, below the US average of $244,900, and rent that’s lower than the national average at $967/month, and a strong job market with an unemployment rate of just 1.3%. Additionally, the city features a low poverty rate of 10.2%, better than the national average, and short commute times averaging just 24.4 minutes.
Potential considerations include median household income ($62,262) that falls below the national average. However, Payson’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Payson has a population of 1,030 with a median age of 34.9 years. Compare Payson with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Payson
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Chebanse | 1,033 | $76,190 | $149,300 | Compare |
| Washburn | 1,026 | $79,306 | $90,700 | Compare |
| Macon | 1,035 | $74,063 | $109,500 | Compare |
| Beckemeyer | 1,024 | $64,231 | $112,500 | Compare |
| Forest View | 1,022 | $108,833 | $257,100 | Compare |
| Percy | 1,014 | $42,813 | $88,500 | Compare |
| Rapids City | 1,012 | $90,750 | $207,600 | Compare |
| Wayne City | 1,050 | $58,208 | $108,600 | 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 Payson With Other Cities
Frequently Asked Questions about Payson
What is the population of Payson, IL?
The population of Payson, IL is 1,030 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 Payson?
The median household income in Payson, IL is $62,262 per year, which is 17% below the national median of $75,149.
What is the median home value in Payson?
The median home value in Payson, IL is $118,000, which is 52% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Payson?
The median monthly rent in Payson, IL is $967, which is 17% below the national average of $1,163/month.
What is the unemployment rate in Payson?
The unemployment rate in Payson, 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 Payson, IL a good place to live?
Payson offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,030 and a median age of 34.9, the city appeals to young professionals and families.
How educated is Payson, IL?
19.1% of residents in Payson 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 Payson?
Key cost-of-living indicators for Payson, IL: median home value is $118,000 (52% below national), median rent is $967/month, and median household income is $62,262. The home-value-to-income ratio is 1.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Payson?
The poverty rate in Payson, IL is 10.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Payson, IL?
Payson's population is 1.4% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 0.3% Asian, and 0.0% two or more races. 0.5% of residents are foreign-born.