Genoa 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.
IndexGenoaIllinoisNational
Cost of living index9699100
IndexGenoaIllinoisNational
Goods & Services index9698100
Groceries index9699100
Health care index103101100
Housing index9499100
Transportation index9997100
Utilities index95101100
Here we can see a simple outline of the cost of living in Genoa, IL. As you can see, with the average cost of living in Genoa, IL being 96, that puts it 3% lower than the average of Illinois and 4% lower 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 Genoa, IL, the price of goods and services are 2% lower than the average of Illinois as well as 4% lower than the nation's average.

Did you know?

  • The cost of living in Genoa is 3% lower than the Illinois average.
  • The cost of living in Genoa is 4% lower than the national average.
  • The cost of housing in Genoa is 6% 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.

Find Real Estate Listings In Genoa

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Genoa

Compare Genoa, IL Cost of living To Other Cities

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
Using the salary calculator lets you compare the salary you earn in Genoa, 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 Genoa, IL, you have to earn a higher income in order to still have the same standard of living. To operate the Genoa, 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$65,347$5,446$1,525$1,961
Renters$38,010$3,168$887$1,140
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 Genoa, 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. Genoa, IL has a median income of about $65,347 for people who own homes. Based on that number, a person should spend a maximum of $1,525 on expenses related to housing. Renters have a slightly different median income, which is $38,010. Based on this average, renters should spend no more than $887 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 Genoa, 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

ItemGenoaNational avg.Difference
Haircut $12.57$14.5913.9%
Beauty Salon $29.57$34.6814.7%
Toothpaste $1.88$2.4724.0%
Shampoo $1.00$1.022.2%
Movie $10.29$9.874.3%
Bowling $3.94$4.3910.3%

Groceries

ItemGenoaNational avg.Difference
Ground Beef $4.91$4.489.7%
Fried Chicken $1.51$1.463.1%
Milk $2.42$2.362.7%
Potatoes $2.19$3.0628.5%
Pizza $8.00$9.2413.4%
Beer $8.37$8.633.0%

Health Care

ItemGenoaNational avg.Difference
Optometrist $74.14$99.7825.7%
Doctor $112.33$105.036.9%
Dentist $89.63$88.701.0%
Ibuprofen $9.99$9.416.1%
Lipitor $319.94$298.507.2%

Housing

ItemGenoaNational avg.Difference
Home Price $164,300.00$175,700.006.5%
Avg. Mortgage Payment $777.29$1,081.0328.1%
Apartment Rent $885.00$920.003.8%

Transportation

ItemGenoaNational avg.Difference
Gasoline $1.96$2.096.5%
Tire Balancing $51.06$45.2912.8%

Utilities

ItemGenoaNational avg.Difference
All Electricity$176.07$170.803.1%
Phone $23.50$28.2616.8%
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.
Belvidere, IL25,71388-12%
Malta, IL1,11590-10%
Garden Prairie, IL23090-10%
Kirkland, IL1,79192-8%
Creston, IL79293-7%
Genoa, IL5,71696-4%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Salamanca, NY5,71779-21%
Centerport, NY5,71717676%
Creve Coeur, IL5,71785-15%
Taos, NM5,71395-5%
Forest, MS5,71978-22%
Genoa, IL5,71696-4%
Source: The Genoa, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.