Hampshire 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.
IndexHampshireIllinoisNational
Cost of living index10499100
IndexHampshireIllinoisNational
Goods & Services index9698100
Groceries index9699100
Health care index103101100
Housing index12199100
Transportation index9997100
Utilities index95101100
A general summary of the cost of living index in Hampshire, IL is shown above. Compared to the state average of Illinois the cost of living index in Hampshire, IL is 104, which is 5% higher than the average in Illinois and compared to the national average it is 4% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Hampshire, IL goods and services come in at 2% lower than the average in Illinois and are 4% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Hampshire is 5% higher than the Illinois average.
  • The cost of living in Hampshire is 4% higher than the national average.
  • The cost of housing in Hampshire is 21% 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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Compare Hampshire, IL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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The salary calculator is used in order to provide a comparison of your current salary in Hampshire, 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 Hampshire, IL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Hampshire, 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$94,886$7,907$2,214$2,847
Renters$61,552$5,129$1,436$1,847
The affordability of the housing market in Hampshire, IL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Hampshire, IL homeowners, the median income is $94,886. This indicates that a monthly maximum of $2,214 should be spent by homeowners on all housing related costs. Renters have a median income of $61,552. This indicates that renters should have a maximum of $1,436 used for their rent related monthly costs.

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 Hampshire, 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

ItemHampshireNational 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

ItemHampshireNational 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

ItemHampshireNational 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

ItemHampshireNational avg.Difference
Home Price $203,000.00$175,700.0015.5%
Avg. Mortgage Payment $777.29$1,081.0328.1%
Apartment Rent $1,243.00$920.0035.1%

Transportation

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

Utilities

ItemHampshireNational 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.
Garden Prairie, IL23090-10%
Union, IL51695-5%
DeKalb, IL44,09295-5%
Carpentersville, IL38,1281022%
Marengo, IL7,45196-4%
Hampshire, IL6,0531044%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Enola, PA6,05396-4%
Erwin, TN6,05287-13%
Pauls Valley, OK6,05477-23%
Willis, TX6,05279-21%
Theodore, AL6,05190-10%
Hampshire, IL6,0531044%
Source: The Hampshire, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.