C+
6%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
36%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Lake in the Hills Illinois National
Cost of living10696100
Goods & Services8997100
Groceries9798100
Health care10195100
Housing13695100
Transportation110103100
Utilities8789100

An Overview of Cost of Living in Lake in the Hills, IL

Knowing the cost of living in Lake in the Hills allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Lake in the Hills stands at 106, marking it 6% higher than the national average.

The cost of living in Lake in the Hills closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Lake in the Hills can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Housing costs are a major factor in the Lake in the Hills cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 36.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Lake in the Hills, these essential goods and services are priced 11.1% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.

Is Lake in the Hills Affordable?

Wondering if Lake in the Hills is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Lake in the Hills, for example, the median home price is 27.8% higher than what folks pay nationally, and monthly rent is 56.7% higher than the usual rates. Plus, income levels matter too, with Lake in the Hills boasting a median household income of $96,470, which is 74.4% higher than the national average.

What Factors can Influence the Cost of Living in Lake in the Hills?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Lake in the Hills, the transportation index is 9.7% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Lake in the Hills comes in at 13.5% lower than the national average.

Where is the Data From?

The cost of living in Lake in the Hills, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Lake in the Hills is 11% higher than the Illinois average
  • The cost of living in Lake in the Hills is 6% higher than the national average
  • Lake in the Hills housing is 36% higher than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 119% higher than the national average

Most Affordable Places to Live in and Around Lake in the Hills

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Compare Lake in the Hills, IL Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$106,664$8,889$2,489$3,200
      Renters$62,984$5,249$1,470$1,890
      A good indicator of the general affordability of housing in Lake in the Hills, IL, 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 Lake in the Hills, the median monthly income is $106,664 for those who own their own homes. Under the standard rule, that income level would allow for $2,489 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $62,984, per the median income in the area. That would allow for renters to spend up to $1,470 on monthly rental expenses.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Lake in the Hills National avg. Difference
      Haircut $19.94$24.2617.8%
      Beauty Salon $36.22$45.5620.5%
      Toothpaste $3.58$3.703.2%
      Shampoo $1.27$1.281.1%
      Movie $12.73$12.134.9%
      Bowling $12.67$18.0029.6%

      Groceries

      Item Lake in the Hills National avg. Difference
      Ground Beef $5.72$5.842.0%
      Fried Chicken $1.42$1.579.9%
      Milk $4.63$4.670.9%
      Potatoes $4.82$4.932.3%
      Pizza $10.99$12.099.1%
      Beer $9.56$10.418.2%

      Health Care

      Item Lake in the Hills National avg. Difference
      Optometrist $79.67$125.6836.6%
      Doctor $158.33$135.7816.6%
      Dentist $110.16$113.292.8%
      Ibuprofen $10.57$10.650.8%
      Lipitor $460.30$468.601.8%

      Housing

      Item Lake in the Hills National avg. Difference
      Home Price $236,000.00$184,700.0027.8%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $1,487.00$949.0056.7%

      Transportation

      Item Lake in the Hills National avg. Difference
      Gasoline $3.69$3.466.7%
      Tire Balancing $70.28$59.9217.3%

      Utilities

      Item Lake in the Hills National avg. Difference
      All Electricity $147.39$193.9924.0%
      Phone $198.03$192.253.0%
      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 Population Cost of Living Index National Avg.
      Round Lake Park, IL7,744972.8%
      Marengo, IL7,871928.1%
      McCullom Lake, IL1,193937.1%
      Wonder Lake, IL3,955946.3%
      Union, IL680945.8%
      Lake in the Hills, IL28,6171066.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Agawam Town, MA28,62711212.2%
      Burton, MI28,5988911.0%
      Shirley, NY28,64012726.9%
      East Haven, CT28,64511312.8%
      Monterey, CA28,57519291.8%
      Lake in the Hills, IL28,6171066.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.