Mount Carmel 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.
IndexMount CarmelIllinoisNational
Cost of living index8098100
IndexMount CarmelIllinoisNational
Goods & Services index9697100
Groceries index8997100
Health care index94100100
Housing index4999100
Transportation index89104100
Utilities index9195100
Displayed above is a general overview of the Mount Carmel, IL cost of living index. The overall cost of living index in Mount Carmel, IL is 80, which is 19% lower than the Illinois average and 20% 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 Mount Carmel, IL are 1% lower than the Illinois average and 4% lower than the national average.

Did you know?

  • The cost of living in Mount Carmel is 19% lower than the Illinois average.
  • The cost of living in Mount Carmel is 20% lower than the national average.
  • The cost of housing in Mount Carmel is 51% 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 Mount Carmel, 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 Mount Carmel, 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 Mount Carmel, IL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Mount Carmel, 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$55,337$4,611$1,291$1,660
Renters$18,833$1,569$439$565
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Mount Carmel, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Mount Carmel, IL has a median income of about $55,337 for people who own homes. Based on that number, a person should spend a maximum of $1,291 on expenses related to housing. Renters have a slightly different median income, which is $18,833. Based on this average, renters should spend no more than $439 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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%
One thing to keep in mind when considering the cost of living in Mount Carmel, IL is the Illinois sales tax and Illinois income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Illinois sales tax rate is 6.25% and the maximum surtax that can be charged is 9.75%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Illinois income tax rates range from 3.75% to 3.75%.

Goods & Services

ItemMount CarmelNational avg.Difference
Haircut $16.85$15.568.2%
Beauty Salon $32.83$36.119.1%
Toothpaste $1.64$2.4733.8%
Shampoo $0.90$0.967.1%
Movie $9.13$10.139.8%
Bowling $3.43$4.7427.6%

Groceries

ItemMount CarmelNational avg.Difference
Ground Beef $3.87$3.982.8%
Fried Chicken $1.11$1.4121.4%
Milk $1.52$2.0626.5%
Potatoes $2.61$2.9812.6%
Pizza $9.99$9.475.5%
Beer $7.84$8.7910.8%

Health Care

ItemMount CarmelNational avg.Difference
Optometrist $117.91$101.0416.7%
Doctor $90.53$107.4415.7%
Dentist $81.87$90.429.5%
Ibuprofen $8.25$9.2811.1%
Lipitor $445.26$426.504.4%

Housing

ItemMount CarmelNational avg.Difference
Home Price $76,600.00$175,700.0056.4%
Avg. Mortgage Payment $915.34$1,133.2319.2%
Apartment Rent $575.00$920.0037.5%

Transportation

ItemMount CarmelNational avg.Difference
Gasoline $1.86$1.996.6%
Tire Balancing $36.00$45.7621.3%

Utilities

ItemMount CarmelNational avg.Difference
All Electricity$168.12$163.812.6%
Phone $21.67$28.3923.7%
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.
Hazleton, IN30773-27%
Griffin, IN14473-27%
Keensburg, IL19774-26%
Browns, IL14574-26%
St. Francisville, IL51975-25%
Mount Carmel, IL7,15580-20%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Highland Heights, KY7,15292-8%
Albertville, MN7,1591055%
Riverside, MD7,15011010%
Guadalupe, CA7,16011111%
Glenolden, PA7,1501088%
Mount Carmel, IL7,15580-20%
Source: The Mount Carmel, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.