Lakewood 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.
IndexLakewoodIllinoisNational
Cost of living index13298100
IndexLakewoodIllinoisNational
Goods & Services index9597100
Groceries index9197100
Health care index107100100
Housing index22099100
Transportation index107104100
Utilities index8595100
A general overview of the cost of living index for Lakewood, IL is displayed above. In Lakewood, IL, the overall cost of living index is 132, which is 35% higher than the Illinois average and 32% 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 Lakewood, IL, the city's goods and services are 2% lower than the Illinois average and 5% lower than the U.S. average.

Did you know?

  • The cost of living in Lakewood is 35% higher than the Illinois average.
  • The cost of living in Lakewood is 32% higher than the national average.
  • The cost of housing in Lakewood is 120% 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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Salary Calculator

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Use the salary calculator to compare your current salary in Lakewood, 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 Lakewood, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Lakewood, 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$127,572$10,631$2,976$3,828
Renters$147,917$12,326$3,451$4,438
The affordability of the housing market in Lakewood, IL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lakewood, IL homeowners, the median income is $127,572. This indicates that a monthly maximum of $2,976 should be spent by homeowners on all housing related costs. Renters have a median income of $147,917. This indicates that renters should have a maximum of $3,451 used for their rent related monthly costs.

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%
For those who live in Lakewood, 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

ItemLakewoodNational avg.Difference
Haircut $13.71$15.5611.9%
Beauty Salon $29.19$36.1119.2%
Toothpaste $1.88$2.4724.1%
Shampoo $0.90$0.967.1%
Movie $10.36$10.132.3%
Bowling $3.99$4.7415.7%

Groceries

ItemLakewoodNational avg.Difference
Ground Beef $3.47$3.9813.0%
Fried Chicken $1.41$1.410.0%
Milk $2.15$2.064.3%
Potatoes $2.16$2.9827.7%
Pizza $8.67$9.478.5%
Beer $7.96$8.799.5%

Health Care

ItemLakewoodNational avg.Difference
Optometrist $73.86$101.0426.9%
Doctor $132.16$107.4423.0%
Dentist $94.44$90.424.5%
Ibuprofen $9.63$9.283.7%
Lipitor $431.63$426.501.2%

Housing

ItemLakewoodNational avg.Difference
Home Price $387,200.00$175,700.00120.4%
Avg. Mortgage Payment $777.66$1,133.2331.4%
Apartment Rent $2,001.00$920.00117.5%

Transportation

ItemLakewoodNational avg.Difference
Gasoline $2.11$1.995.7%
Tire Balancing $50.94$45.7611.3%

Utilities

ItemLakewoodNational avg.Difference
All Electricity$141.68$163.8113.5%
Phone $23.50$28.3917.2%
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.
Harvard, IL9,82991-9%
McCullom Lake, IL1,00192-8%
Union, IL51694-6%
Fox Lake, IL10,7571033%
Carpentersville, IL38,1281044%
Lakewood, IL4,41113232%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Indian Mountain Lake, PA4,41111111%
Rogersville, TN4,41090-10%
Ste. Genevieve, MO4,41386-14%
Colchester, CT4,41412020%
Elko New Market, MN4,41411515%
Lakewood, IL4,41113232%
Source: The Lakewood, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.