C
2%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
3%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Beach Park Illinois National
Cost of living10296100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing9795100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Beach Park, IL

Understanding the cost of living in Beach Park can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Beach Park cost of living index is 102, which is 2% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Beach Park is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Beach Park Affordable?

Is Beach Park affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Beach Park, the median home price is 15.1% lower than the national average and monthly rent prices are 24.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Beach Park boasting a median household income of $71,250, 28.8% higher than the national average.

What Factors can Influence the Cost of Living in Beach Park?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Beach Park, the utilities index registers at 10.8% lower than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Beach Park, the transportation index is 7.2% higher than the national average.

Where is the Data From?

The cost of living data in Beach Park displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Beach Park is 6% higher than the Illinois average
  • The cost of living in Beach Park is 2% higher than the national average
  • Beach Park housing is 3% lower than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 119% higher than the national average

Most Affordable Places to Live in and Around Beach Park

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Compare Beach Park, IL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$75,815$6,318$1,769$2,275
      Renters$42,185$3,515$984$1,266
      A good indicator of the general affordability of housing in Beach Park, IL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Beach Park, the median monthly income is $75,815 for those who own their own homes. Under the standard rule, that income level would allow for $1,769 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $42,185, per the median income in the area. That would allow for renters to spend up to $984 on monthly rental expenses.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Beach Park National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Beach Park National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Beach Park National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Beach Park National avg. Difference
      Home Price $156,800.00$184,700.0015.1%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,179.00$949.0024.2%

      Transportation

      Item Beach Park National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Beach Park National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Park City, IL7,6368415.8%
      North Chicago, IL29,967973.2%
      Round Lake Park, IL7,744972.8%
      Waukegan, IL87,157982.1%
      Zion, IL23,677973.4%
      Beach Park, IL13,4331021.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lyndhurst, OH13,431954.5%
      Whitehall, PA13,437981.8%
      Nesconset, NY13,44015756.7%
      Brainerd, MN13,423945.9%
      Beaufort, SC13,4171065.5%
      Beach Park, IL13,4331021.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.