Machesney 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.
IndexMachesney ParkIllinoisNational
Cost of living index9099100
IndexMachesney ParkIllinoisNational
Goods & Services index9698100
Groceries index9699100
Health care index103101100
Housing index7699100
Transportation index9997100
Utilities index95101100
An overview of the general cost of living index for Machesney Park, IL is displayed above for your reference. Residents in Machesney Park, IL enjoy a cost of living index of 90. This index is 9% lower than the Illinois average, and 10% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Machesney Park, IL, the average cost of goods and services is 2% lower than it is in Illinois, and it is 4% lower than the national average.

Did you know?

  • The cost of living in Machesney Park is 9% lower than the Illinois average.
  • The cost of living in Machesney Park is 10% lower than the national average.
  • The cost of housing in Machesney Park is 24% 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 Machesney Park, IL Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Machesney Park, IL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Machesney Park, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Machesney Park, IL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$60,223$5,019$1,405$1,807
Renters$41,049$3,421$958$1,232
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Machesney Park, IL as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Machesney Park, IL homeowners, is $60,223. This would allow for a maximum of $1,405 per month to be spent on housing costs. For renters, the median monthly income is $41,049 which would result in a maximum of $958 to be spent on rental 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%
When assessing the complete cost of living in Machesney 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

ItemMachesney 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

ItemMachesney 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

ItemMachesney 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

ItemMachesney ParkNational avg.Difference
Home Price $117,100.00$175,700.0033.4%
Avg. Mortgage Payment $777.29$1,081.0328.1%
Apartment Rent $902.00$920.002.0%

Transportation

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

Utilities

ItemMachesney 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%
Belvidere, IL25,71388-12%
South Beloit, IL8,12991-9%
Machesney Park, IL23,18090-10%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Solon, OH23,17711515%
Belton, MO23,19792-8%
Bainbridge Island, WA23,20615555%
East Peoria, IL23,22590-10%
Arnold, MD23,13113131%
Machesney Park, IL23,18090-10%
Source: The Machesney 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.