F
18%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
50%
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 Elk Grove Village Illinois National
Cost of living11896100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing15095100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Elk Grove Village, IL

Understanding the cost of living in Elk Grove Village 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 Elk Grove Village cost of living index is 118, which is 18% 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.

Housing costs are a major factor in the Elk Grove Village cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 49.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Elk Grove Village Affordable?

Is Elk Grove Village 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 Elk Grove Village, the median home price is 55% higher than the national average and monthly rent prices are 37.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Elk Grove Village boasting a median household income of $85,240, 54.1% higher than the national average.

What Factors can Influence the Cost of Living in Elk Grove Village?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Elk Grove Village, the housing index is 49.8% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Elk Grove Village, healthcare costs are 7.7% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Elk Grove Village, the transportation index stands at 7.2% higher than the national average.

Where is the Data From?

The cost of living data in Elk Grove Village 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 Elk Grove Village is 22% higher than the Illinois average
  • The cost of living in Elk Grove Village is 18% higher than the national average
  • Elk Grove Village housing is 50% higher 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 Elk Grove Village

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Compare Elk Grove Village, 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$100,952$8,413$2,355$3,029
      Renters$57,517$4,793$1,342$1,726
      A good way to judge both the affordability of the housing and the cost of living in Elk Grove Village is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Elk Grove Village has a median income of about $100,952 for people who own homes. Based on that number, a maximum of $2,355 should be spent on expenses related to housing. Renters have a slightly different median income, which is $57,517. Based on this average, renters should spend no more than $1,342 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Elk Grove Village 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 Elk Grove Village 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 Elk Grove Village 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 Elk Grove Village National avg. Difference
      Home Price $286,300.00$184,700.0055.0%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,307.00$949.0037.7%

      Transportation

      Item Elk Grove Village National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Elk Grove Village 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.
      Maywood, IL23,3511000.0%
      Bellwood, IL18,7991011.0%
      Broadview, IL7,6771011.1%
      Cicero, IL81,4711021.6%
      Stone Park, IL4,8421022.2%
      Elk Grove Village, IL32,45011817.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      North Cowichan, BC32,420n/a 
      Massillon, OH32,4848613.7%
      Graham, WA32,50513433.6%
      Gillette, WY32,513990.6%
      Laramie, WY32,5151011.1%
      Elk Grove Village, IL32,45011817.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.