Hanover 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.
IndexHanover ParkIllinoisNational
Cost of living index10799100
IndexHanover ParkIllinoisNational
Goods & Services index10698100
Groceries index10899100
Health care index100101100
Housing index10999100
Transportation index11297100
Utilities index104101100
The above illustration supplies generalized information for the Hanover Park, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Hanover Park, IL is 107, which is 8% higher than the Illinois average and 7% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Hanover Park, IL are 8% higher than the average for Illinois and 6% higher than the rest of the country.

Did you know?

  • The cost of living in Hanover Park is 8% higher than the Illinois average.
  • The cost of living in Hanover Park is 7% higher than the national average.
  • The cost of housing in Hanover Park is 9% 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 Hanover 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 meant to help you compare your salary in Hanover Park, IL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Hanover Park, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Hanover Park, IL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$75,189$6,266$1,754$2,256
Renters$41,380$3,448$965$1,242
If you want to find a good determining factor for the cost of living and the general affordability of housing in Hanover Park, IL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Hanover Park, IL, the median monthly income is $75,189 for those who own their own homes. Under the standard rule, that income level would allow for $1,754 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $41,380, per the median income in the area. That would allow for renters to spend up to $965 on monthly rental expenses.

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 Hanover 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

ItemHanover 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

ItemHanover 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

ItemHanover 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

ItemHanover ParkNational avg.Difference
Home Price $179,400.00$175,700.002.1%
Avg. Mortgage Payment $1,500.61$1,081.0338.8%
Apartment Rent $1,153.00$920.0025.3%

Transportation

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

Utilities

ItemHanover 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%
Bellwood, IL19,14999-1%
Stone Park, IL4,9591011%
Broadview, IL7,9561011%
Carpentersville, IL38,1281022%
Hanover Park, IL38,3021077%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Pacifica, CA38,28317474%
Hallandale Beach, FL38,27099-1%
Ocoee, FL38,3401011%
Severna Park, MD38,17714040%
Lima, OH38,43285-15%
Hanover Park, IL38,3021077%
Source: The Hanover 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.