Loves Park 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.
IndexLoves ParkIllinoisNational
Cost of living index8999100
IndexLoves ParkIllinoisNational
Goods & Services index9698100
Groceries index9699100
Health care index103101100
Housing index7399100
Transportation index9997100
Utilities index95101100
Displayed above is a general overview of the Loves Park, IL cost of living index. The overall cost of living index in Loves Park, IL is 89, which is 10% lower than the Illinois average and 11% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Loves Park, IL are 2% lower than the Illinois average and 4% lower than the national average.

Did you know?

  • The cost of living in Loves Park is 10% lower than the Illinois average.
  • The cost of living in Loves Park is 11% lower than the national average.
  • The cost of housing in Loves Park is 27% lower 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 Loves Park, IL Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Loves Park, IL would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Loves Park, IL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Loves Park, IL salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$60,385$5,032$1,409$1,812
Renters$32,597$2,716$761$978
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Loves Park, 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 Loves Park, IL homeowners have a median income of $60,385. Using that number, you will come up with a maximum of $1,409 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $32,597, which means there is a maximum of $761 to be spent on the costs of renting a home or apartment.

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%
When assessing the complete cost of living in Loves Park, 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 9.75%, 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

ItemLoves ParkNational avg.Difference
Haircut $12.57$14.5913.9%
Beauty Salon $29.57$34.6814.7%
Toothpaste $1.88$2.4724.0%
Shampoo $1.00$1.022.2%
Movie $10.29$9.874.3%
Bowling $3.94$4.3910.3%

Groceries

ItemLoves ParkNational avg.Difference
Ground Beef $4.91$4.489.7%
Fried Chicken $1.51$1.463.1%
Milk $2.42$2.362.7%
Potatoes $2.19$3.0628.5%
Pizza $8.00$9.2413.4%
Beer $8.37$8.633.0%

Health Care

ItemLoves ParkNational avg.Difference
Optometrist $74.14$99.7825.7%
Doctor $112.33$105.036.9%
Dentist $89.63$88.701.0%
Ibuprofen $9.99$9.416.1%
Lipitor $319.94$298.507.2%

Housing

ItemLoves ParkNational avg.Difference
Home Price $116,900.00$175,700.0033.5%
Avg. Mortgage Payment $777.29$1,081.0328.1%
Apartment Rent $799.00$920.0013.2%

Transportation

ItemLoves ParkNational avg.Difference
Gasoline $1.96$2.096.5%
Tire Balancing $51.06$45.2912.8%

Utilities

ItemLoves ParkNational avg.Difference
All Electricity$176.07$170.803.1%
Phone $23.50$28.2616.8%
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.
Beloit, WI36,87688-12%
New Milford, IL75686-14%
Rockford, IL151,29086-14%
Durand, IL1,20387-13%
Belvidere, IL25,71388-12%
Loves Park, IL24,43589-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Ramsey, MN24,44111111%
Lodi, NJ24,42814444%
Marshall, TX24,42488-12%
San Benito, TX24,44770-30%
Starkville, MS24,45788-12%
Loves Park, IL24,43589-11%
Source: The Loves Park, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.