Forest Park, IL Cost Of Living

Forest Park 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.
Index	Forest Park	Illinois	National
Cost of living index	110	99	100
Index	Forest Park	Illinois	National
Goods & Services index	115	101	100
Groceries index	108	97	100
Health care index	101	101	100
Housing index	108	95	100
Transportation index	127	105	100
Utilities index	90	96	100

Here we can see a simple outline of the cost of living in Forest Park, IL. As you can see, with the average cost of living in Forest Park, IL being 110, that puts it 12% higher than the average of Illinois and 10% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Forest Park, IL, the price of goods and services are 14% higher than the average of Illinois as well as 15% higher than the nation's average.

Did you know?

The cost of living in Forest Park is 12% higher than the Illinois average.
The cost of living in Forest Park is 10% higher than the national average.
The cost of housing in Forest Park is 8% higher 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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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current salary in Forest Park, IL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Forest Park, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Forest Park, IL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$67,458	$5,622	$1,574	$2,024
Renters	$37,555	$3,130	$876	$1,127

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 Forest Park, 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. Forest Park, IL has a median income of about $67,458 for people who own homes. Based on that number, a person should spend a maximum of $1,574 on expenses related to housing. Renters have a slightly different median income, which is $37,555. Based on this average, renters should spend no more than $876 on all of their 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	3.75%	3.75%

When assessing the complete cost of living in Forest Park, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 10.25%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

Goods & Services

Item	Forest Park	National avg.	Difference
Haircut	$20.00	$16.09	24.3%
Beauty Salon	$69.87	$37.33	87.2%
Toothpaste	$2.80	$2.45	14.3%
Shampoo	$0.98	$1.00	1.7%
Movie	$13.72	$10.28	33.5%
Bowling	$8.00	$4.93	62.2%

Groceries

Item	Forest Park	National avg.	Difference
Ground Beef	$4.33	$3.80	13.8%
Fried Chicken	$1.28	$1.40	8.1%
Milk	$1.95	$2.01	2.9%
Potatoes	$3.79	$3.01	26.0%
Pizza	$9.99	$9.89	1.1%
Beer	$8.49	$8.90	4.6%

Health Care

Item	Forest Park	National avg.	Difference
Optometrist	$95.00	$102.16	7.0%
Doctor	$100.00	$108.36	7.7%
Dentist	$102.33	$92.53	10.6%
Ibuprofen	$9.87	$9.28	6.4%
Lipitor	$414.41	$425.82	2.7%

Housing

Item	Forest Park	National avg.	Difference
Home Price	$205,500.00	$184,700.00	11.3%
Avg. Mortgage Payment	$1,785.17	$1,202.44	48.5%
Apartment Rent	$967.00	$949.00	1.9%

Transportation

Item	Forest Park	National avg.	Difference
Gasoline	$2.93	$2.24	30.6%
Tire Balancing	$55.00	$46.29	18.8%

Utilities

Item	Forest Park	National avg.	Difference
All Electricity	$130.69	$165.96	21.3%
Phone	$29.99	$28.68	4.6%

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, State	Population	Cost of Living Index	National Avg.
Hodgkins, IL	1,960	89	-11%
Hometown, IL	4,343	94	-6%
Blue Island, IL	22,446	98	-2%
Calumet Park, IL	8,320	99	-1%
Merrionette Park, IL	1,896	100	0%
Forest Park, IL	14,137	110	10%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Jasper, AL	14,137	87	-13%
Willowick, OH	14,131	95	-5%
Hewitt, TX	14,128	92	-8%
Conway, FL	14,124	102	2%
Bridgetown, OH	14,150	90	-10%
Forest Park, IL	14,137	110	10%

Source: The Forest Park, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Forest Park, IL Cost of Living