Lake Barrington 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.
IndexLake BarringtonIllinoisNational
Cost of living index13399100
IndexLake BarringtonIllinoisNational
Goods & Services index10698100
Groceries index10899100
Health care index100101100
Housing index19699100
Transportation index11297100
Utilities index104101100
A general summary of the cost of living index in Lake Barrington, IL is shown above. Compared to the state average of Illinois the cost of living index in Lake Barrington, IL is 133, which is 35% higher than the average in Illinois and compared to the national average it is 33% 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 Lake Barrington, 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 Lake Barrington is 35% higher than the Illinois average.
  • The cost of living in Lake Barrington is 33% higher than the national average.
  • The cost of housing in Lake Barrington is 96% 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 Lake Barrington, 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
The salary calculator is used in order to provide a comparison of your current salary in Lake Barrington, 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 Lake Barrington, IL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Lake Barrington, 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)
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Lake Barrington, IL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Lake Barrington, IL homeowners have a median income of $98,324. Using that number, you will come up with a maximum of $2,294 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $47,500, which means there is a maximum of $1,108 to be spent on the costs of renting a home or apartment.

Illinois Sales Tax

StateGeneral Sales TaxWith Max Surtax

Illinois Income Tax

StateIncome Tax (Low)Income Tax (High)
For those who live in Lake Barrington, IL and want to know what the true cost of living is, they ought to look at both the Illinois income tax rate and the Illinois sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Illinois, the sales tax is 6.25%, while the most you'll pay in surtax is 9.75%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Illinois, the income tax rate ranges between 3.75% to 3.75%.

Goods & Services

ItemLake BarringtonNational 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%


ItemLake BarringtonNational 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

ItemLake BarringtonNational 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%


ItemLake BarringtonNational avg.Difference
Home Price $361,000.00$175,700.00105.5%
Avg. Mortgage Payment $1,500.61$1,081.0338.8%
Apartment Rent $1,595.00$920.0073.4%


ItemLake BarringtonNational avg.Difference
Gasoline $2.29$2.099.5%
Tire Balancing $53.31$45.2917.7%


ItemLake BarringtonNational 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.
Park City, IL7,55185-15%
Round Lake Beach, IL28,048100-0%
McCullom Lake, IL1,00193-7%
Fox Lake, IL10,7571022%
Round Lake Park, IL7,7581022%
Lake Barrington, IL4,90313333%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Yarmouth Port, MA4,90613838%
Little Falls, NY4,90992-8%
Paulden, AZ4,90990-10%
Santa Ynez, CA4,90917878%
Bristol, WI4,9091044%
Lake Barrington, IL4,90313333%
Source: The Lake Barrington, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.