Mount Carmel, IL Cost Of Living

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.
Index	Mount Carmel	Illinois	National
Cost of living index	80	99	100
Index	Mount Carmel	Illinois	National
Goods & Services index	97	101	100
Groceries index	87	97	100
Health care index	95	101	100
Housing index	47	95	100
Transportation index	95	105	100
Utilities index	91	96	100

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 4% lower than the Illinois average and 3% 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 53% 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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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$55,619	$4,635	$1,298	$1,669
Renters	$18,974	$1,581	$443	$569

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 $55,619 for people who own homes. Based on that number, a person should spend a maximum of $1,298 on expenses related to housing. Renters have a slightly different median income, which is $18,974. Based on this average, renters should spend no more than $443 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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	3.75%	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 10.25%. 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

Item	Mount Carmel	National avg.	Difference
Haircut	$17.91	$16.09	11.4%
Beauty Salon	$37.78	$37.33	1.2%
Toothpaste	$1.92	$2.45	21.7%
Shampoo	$0.86	$1.00	13.7%
Movie	$9.20	$10.28	10.5%
Bowling	$3.63	$4.93	26.3%

Groceries

Item	Mount Carmel	National avg.	Difference
Ground Beef	$3.23	$3.80	15.1%
Fried Chicken	$1.20	$1.40	13.9%
Milk	$1.04	$2.01	48.0%
Potatoes	$2.58	$3.01	14.3%
Pizza	$10.00	$9.89	1.2%
Beer	$7.95	$8.90	10.6%

Health Care

Item	Mount Carmel	National avg.	Difference
Optometrist	$117.82	$102.16	15.3%
Doctor	$100.94	$108.36	6.8%
Dentist	$83.05	$92.53	10.2%
Ibuprofen	$8.18	$9.28	11.8%
Lipitor	$437.26	$425.82	2.7%

Housing

Item	Mount Carmel	National avg.	Difference
Home Price	$75,900.00	$184,700.00	58.9%
Avg. Mortgage Payment	$955.68	$1,202.44	20.5%
Apartment Rent	$569.00	$949.00	40.0%

Transportation

Item	Mount Carmel	National avg.	Difference
Gasoline	$2.14	$2.24	4.8%
Tire Balancing	$43.18	$46.29	6.7%

Utilities

Item	Mount Carmel	National avg.	Difference
All Electricity	$181.34	$165.96	9.3%
Phone	$20.00	$28.68	30.3%

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, State	Population	Cost of Living Index	National Avg.
Griffin, IN	145	72	-28%
Hazleton, IN	277	73	-27%
Browns, IL	112	74	-26%
Bone Gap, IL	223	75	-25%
West Salem, IL	858	75	-25%
Mount Carmel, IL	7,048	80	-20%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Marshall, MI	7,046	80	-20%
Port Wentworth, GA	7,052	98	-2%
Sanibel, FL	7,044	161	61%
Mead, WA	7,044	99	-1%
Porters Neck, NC	7,052	126	26%
Mount Carmel, IL	7,048	80	-20%

Source: The Mount Carmel, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Mount Carmel, IL Cost of Living