Franklin 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.
IndexFranklin ParkIllinoisNational
Cost of living index10499100
IndexFranklin ParkIllinoisNational
Goods & Services index10698100
Groceries index10899100
Health care index100101100
Housing index9999100
Transportation index11297100
Utilities index104101100
An overview of the general cost of living index for Franklin Park, IL is displayed above for your reference. Residents in Franklin Park, IL enjoy a cost of living index of 104. This index is 5% higher than the Illinois average, and 4% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Franklin Park, IL, the average cost of goods and services is 8% higher than it is in Illinois, and it is 6% higher than the national average.

Did you know?

  • The cost of living in Franklin Park is 5% higher than the Illinois average.
  • The cost of living in Franklin Park is 4% higher than the national average.
  • The cost of housing in Franklin Park is 1% 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 Franklin Park, IL Cost of living To Other Cities

Salary Calculator

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Groceries index
Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Franklin Park, IL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Franklin Park, IL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Franklin Park, IL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$69,037$5,753$1,611$2,071
Renters$35,048$2,921$818$1,052
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 Franklin 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. Franklin Park, IL has a median income of about $69,037 for people who own homes. Based on that number, a person should spend a maximum of $1,611 on expenses related to housing. Renters have a slightly different median income, which is $35,048. Based on this average, renters should spend no more than $818 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%
When considering the overall cost of living expenses in Franklin Park, IL, it's important to take into account the sales tax for Illinois, as well as the rate for income tax in Illinois. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Illinois is 9.75%, and the sales tax in the state of Illinois is 6.25%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Illinois starts from 3.75% and goes up to 3.75%.

Goods & Services

ItemFranklin ParkNational avg.Difference
Haircut $17.50$14.5919.9%
Beauty Salon $45.00$34.6829.8%
Toothpaste $2.34$2.475.4%
Shampoo $0.99$1.023.1%
Movie $13.75$9.8739.3%
Bowling $5.00$4.3913.9%

Groceries

ItemFranklin ParkNational avg.Difference
Ground Beef $5.37$4.4820.0%
Fried Chicken $1.42$1.463.0%
Milk $1.74$2.3626.2%
Potatoes $2.50$3.0618.3%
Pizza $10.99$9.2418.9%
Beer $14.25$8.6365.1%

Health Care

ItemFranklin ParkNational avg.Difference
Optometrist $95.00$99.784.8%
Doctor $100.00$105.034.8%
Dentist $100.00$88.7012.7%
Ibuprofen $9.24$9.411.8%
Lipitor $262.00$298.5012.2%

Housing

ItemFranklin ParkNational avg.Difference
Home Price $179,900.00$175,700.002.4%
Avg. Mortgage Payment $1,500.61$1,081.0338.8%
Apartment Rent $837.00$920.009.0%

Transportation

ItemFranklin ParkNational avg.Difference
Gasoline $2.29$2.099.5%
Tire Balancing $53.31$45.2917.7%

Utilities

ItemFranklin ParkNational avg.Difference
All Electricity$173.99$170.801.9%
Phone $30.05$28.266.3%
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.
Hodgkins, IL2,18588-12%
Hometown, IL4,35893-7%
Cicero, IL84,42399-1%
Bellwood, IL19,14999-1%
Maywood, IL24,148100-0%
Franklin Park, IL18,3891044%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Glassmanor, MD18,3891077%
Orinda, CA18,390220120%
Stephenville, TX18,38792-8%
Allendale, MI18,39395-5%
Whitehall, OH18,38383-17%
Franklin Park, IL18,3891044%
Source: The Franklin Park, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.