An Overview of Cost of Living in Elmhurst, IL
Are you thinking about relocating, but curious about the potential cost of living in Elmhurst? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Elmhurst stands at 137, making it 37% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
The cost of living in Elmhurst is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Elmhurst falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a very significant part of the Elmhurst cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 114.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Elmhurst Affordable?
Wondering if Elmhurst is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Elmhurst, for example, the median home price is 139.5% higher than what folks pay nationally, and monthly rent is 57% higher than the usual rates. Plus, income levels matter too, with Elmhurst boasting a median household income of $123,869, which is 123.9% higher than the national average.
What Factors can Influence the Cost of Living in Elmhurst?
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Elmhurst, the transportation index is 7.2% higher than the national average.
Where is the Data From?
The cost of living data in Elmhurst 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.
Here are the best places to live in Illinois
Check out the 10 safest cities in Illinois
See the best places to live in & around Elmhurst
Top 10 cities in Illinois with the best education system