Inverness 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.
IndexInvernessIllinoisNational
Cost of living index17399100
IndexInvernessIllinoisNational
Goods & Services index115101100
Groceries index10897100
Health care index101101100
Housing index31895100
Transportation index127105100
Utilities index9096100
A general overview of the cost of living index for Inverness, IL is displayed above. In Inverness, IL, the overall cost of living index is 173, which is 75% higher than the Illinois average and 73% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Inverness, IL, the city's goods and services are 14% higher than the Illinois average and 15% higher than the U.S. average.

Did you know?

  • The cost of living in Inverness is 75% higher than the Illinois average.
  • The cost of living in Inverness is 73% higher than the national average.
  • The cost of housing in Inverness is 218% 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 Inverness, IL Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Inverness, 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 Inverness, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Inverness, 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$176,548$14,712$4,119$5,297
Renters$0$0$0$0
If you want to find a good determining factor for the cost of living and the general affordability of housing in Inverness, 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 Inverness, IL, the median monthly income is $176,548 for those who own their own homes. Under the standard rule, that income level would allow for $4,119 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $0, per the median income in the area. That would allow for renters to spend up to $0 on monthly rental expenses.

Illinois Sales Tax

StateGeneral Sales TaxWith Max Surtax
Illinois6.25%10.25%

Illinois Income Tax

StateIncome Tax (Low)Income Tax (High)
Illinois3.75%3.75%
When assessing the complete cost of living in Inverness, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 10.25%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

Goods & Services

ItemInvernessNational avg.Difference
Haircut $20.00$16.0924.3%
Beauty Salon $69.87$37.3387.2%
Toothpaste $2.80$2.4514.3%
Shampoo $0.98$1.001.7%
Movie $13.72$10.2833.5%
Bowling $8.00$4.9362.2%

Groceries

ItemInvernessNational avg.Difference
Ground Beef $4.33$3.8013.8%
Fried Chicken $1.28$1.408.1%
Milk $1.95$2.012.9%
Potatoes $3.79$3.0126.0%
Pizza $9.99$9.891.1%
Beer $8.49$8.904.6%

Health Care

ItemInvernessNational avg.Difference
Optometrist $95.00$102.167.0%
Doctor $100.00$108.367.7%
Dentist $102.33$92.5310.6%
Ibuprofen $9.87$9.286.4%
Lipitor $414.41$425.822.7%

Housing

ItemInvernessNational avg.Difference
Home Price $616,500.00$184,700.00233.8%
Avg. Mortgage Payment $1,785.17$1,202.4448.5%
Apartment Rent $2,684.00$949.00182.8%

Transportation

ItemInvernessNational avg.Difference
Gasoline $2.93$2.2430.6%
Tire Balancing $55.00$46.2918.8%

Utilities

ItemInvernessNational avg.Difference
All Electricity$130.69$165.9621.3%
Phone $29.99$28.684.6%
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.
North Chicago, IL30,0231000%
Stone Park, IL4,9361022%
Northlake, IL12,3391044%
Carpentersville, IL38,2751044%
Franklin Park, IL18,2901055%
Inverness, IL7,84417373%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Wahpeton, ND7,84487-13%
Oak Grove, MO7,84488-12%
Fairview, GA7,84383-17%
Maryville, IL7,83799-1%
Fort Scott, KS7,85277-23%
Inverness, IL7,84417373%
Source: The Inverness, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.