Pros

Very low cost of living

• Cost of living is about 20% lower than the U.S. average.

• Housing costs are especially low — about 54% cheaper than the national average.

• Median home value is roughly $80k–$81k.

This makes the town appealing for:

• retirees

• people wanting cheap property

• remote workers

Quiet rural lifestyle

• Population is extremely small (around 200–270 residents depending on the estimate).

• The area has a sparse suburban / rural feel with lots of space.

Many residents enjoy:

• peace and quiet

• very little traffic

• a tight-knit community.

Relatively strong household incomes for the size

• Median household income is around $88,000, which is slightly higher than the Illinois average.

• Poverty rates are lower than many U.S. towns.

Close to nature and farmland

The village is surrounded by agricultural land and green space, which can be appealing if you enjoy:

• rural scenery

• farming communities

• outdoor quiet.

Cons

Extremely small town

The biggest drawback is size.

• Population only ~229 people.

• Very few businesses, services, or entertainment options.

This means:

• limited restaurants

• limited shopping

• little nightlife.

Declining population

New Holland has slowly lost residents over time.

• Population has declined about 13% since 2000.

• Declining towns sometimes struggle to keep businesses and services.

Limited amenities and services

• Many amenities are not within walking distance and require driving to nearby towns.

• Healthcare, grocery stores, and other services may require travel.

People often go to nearby towns like Lincoln or Springfield for more options.

Limited job opportunities

Most local employment is in:

• manufacturing

• agriculture

• public administration.

Higher-paying or specialized jobs are limited locally, so many residents commute.

Weak infrastructure typical of tiny villages

Small rural towns often have:

• fewer healthcare facilities

• limited public transportation

• fewer school options nearby.