Hoffman Estates 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.
IndexHoffman EstatesIllinoisNational
Cost of living index11699100
IndexHoffman EstatesIllinoisNational
Goods & Services index10698100
Groceries index10899100
Health care index100101100
Housing index13799100
Transportation index11297100
Utilities index104101100
A general summary of the cost of living index in Hoffman Estates, IL is shown above. Compared to the state average of Illinois the cost of living index in Hoffman Estates, IL is 116, which is 17% higher than the average in Illinois and compared to the national average it is 16% 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 Hoffman Estates, IL goods and services come in at 8% higher than the average in Illinois and are 6% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Hoffman Estates is 17% higher than the Illinois average.
  • The cost of living in Hoffman Estates is 16% higher than the national average.
  • The cost of housing in Hoffman Estates is 37% 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 Hoffman Estates, IL Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Hoffman Estates, 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 Hoffman Estates, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Hoffman Estates, 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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$99,632$8,303$2,325$2,989
Renters$48,344$4,029$1,128$1,450
If you want to find a good determining factor for the cost of living and the general affordability of housing in Hoffman Estates, 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 Hoffman Estates, IL, the median monthly income is $99,632 for those who own their own homes. Under the standard rule, that income level would allow for $2,325 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $48,344, per the median income in the area. That would allow for renters to spend up to $1,128 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%
One thing to keep in mind when considering the cost of living in Hoffman Estates, 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

ItemHoffman EstatesNational 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

ItemHoffman EstatesNational 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

ItemHoffman EstatesNational 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

ItemHoffman EstatesNational avg.Difference
Home Price $255,200.00$175,700.0045.2%
Avg. Mortgage Payment $1,500.61$1,081.0338.8%
Apartment Rent $1,086.00$920.0018.0%

Transportation

ItemHoffman EstatesNational avg.Difference
Gasoline $2.29$2.099.5%
Tire Balancing $53.31$45.2917.7%

Utilities

ItemHoffman EstatesNational 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.
Bellwood, IL19,14999-1%
Stone Park, IL4,9591011%
Carpentersville, IL38,1281022%
Northlake, IL12,3681033%
Hillside, IL8,1921033%
Hoffman Estates, IL52,27111616%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Florissant, MO52,35390-10%
Pflugerville, TX52,13896-4%
Yucaipa, CA52,40611414%
Stratford, CT52,09212727%
Watsonville, CA52,08512626%
Hoffman Estates, IL52,27111616%
Source: The Hoffman Estates, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.