Colona cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexColonaIllinoisNational
Cost of living index8799100
IndexColonaIllinoisNational
Goods & Services index9998100
Groceries index10099100
Health care index92101100
Housing index5899100
Transportation index10297100
Utilities index100101100
A general overview of the cost of living index for Colona, IL is displayed above. In Colona, IL, the overall cost of living index is 87, which is 12% lower than the Illinois average and 13% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Colona, IL, the city's goods and services are equal to the Illinois average and 1% lower than the U.S. average.

Did you know?

  • The cost of living in Colona is 12% lower than the Illinois average.
  • The cost of living in Colona is 13% lower than the national average.
  • The cost of housing in Colona is 42% lower than the national average.
  • Illinois general sales tax is 23% higher than the national average.
  • Illinois state income tax is 69% higher than the national average.

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Compare Colona, IL Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Colona, IL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Colona, IL, you have to earn a higher income in order to still have the same standard of living. To operate the Colona, IL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$56,771$4,731$1,325$1,703
Renters$38,150$3,179$890$1,145
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Colona, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Colona, IL has a median income of about $56,771 for people who own homes. Based on that number, a person should spend a maximum of $1,325 on expenses related to housing. Renters have a slightly different median income, which is $38,150. Based on this average, renters should spend no more than $890 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

StateGeneral Sales TaxWith Max Surtax
Illinois6.25%9.75%

Illinois Income Tax

StateIncome Tax (Low)Income Tax (High)
Illinois3.75%3.75%
One thing to keep in mind when considering the cost of living in Colona, IL is the Illinois sales tax and Illinois income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Illinois sales tax rate is 6.25% and the maximum surtax that can be charged is 9.75%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Illinois income tax rates range from 3.75% to 3.75%.

Goods & Services

ItemColonaNational avg.Difference
Haircut $13.50$14.597.5%
Beauty Salon $28.00$34.6819.3%
Toothpaste $2.12$2.4714.3%
Shampoo $0.92$1.0210.0%
Movie $9.88$9.870.1%
Bowling $2.75$4.3937.4%

Groceries

ItemColonaNational avg.Difference
Ground Beef $4.69$4.484.8%
Fried Chicken $1.56$1.466.6%
Milk $2.33$2.361.1%
Potatoes $2.99$3.062.3%
Pizza $8.99$9.242.7%
Beer $8.37$8.633.0%

Health Care

ItemColonaNational avg.Difference
Optometrist $97.00$99.782.8%
Doctor $115.00$105.039.5%
Dentist $64.67$88.7027.1%
Ibuprofen $8.99$9.414.5%
Lipitor $296.88$298.500.5%

Housing

ItemColonaNational avg.Difference
Home Price $92,500.00$175,700.0047.4%
Avg. Mortgage Payment $1,182.15$1,081.039.4%
Apartment Rent $648.00$920.0029.6%

Transportation

ItemColonaNational avg.Difference
Gasoline $2.03$2.092.9%
Tire Balancing $51.92$45.2914.7%

Utilities

ItemColonaNational avg.Difference
All Electricity$142.93$170.8016.3%
Phone $34.56$28.2622.3%
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, StatePopulationCost of Living IndexNational Avg.
Oak Grove, IL75677-23%
Cleveland, IL13784-16%
Hillsdale, IL50785-15%
Panorama Park, IA11086-14%
Milan, IL5,12286-14%
Colona, IL5,05787-13%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Deale, MD5,05713030%
Bear Valley Springs, CA5,05811717%
Bellingham, MA5,05512626%
Doffing, TX5,05966-34%
Chittenango, NY5,05294-6%
Colona, IL5,05787-13%
Source: The Colona, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.