An Overview of Cost of Living in North Chicago, IL
Are you thinking about relocating, but curious about the potential cost of living in North Chicago? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in North Chicago stands at 97, making it 3% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
In North Chicago, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in North Chicago will resemble that of an average city, contributing to a manageable cost of living.
Is North Chicago Affordable?
Is North Chicago affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take North Chicago, for instance, where the median home price falls 41.6% lower than the national average, and monthly rent rates are 31.7% higher than usual. Additionally, median income levels contribute to the equation, with North Chicago flaunting a median household income of $47,213, 14.7% lower than the national norm.
What Factors can Influence the Cost of Living in North Chicago?
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In North Chicago, healthcare costs are 7.7% higher than the national average.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In North Chicago, the utilities index stands at 10.8% lower than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In North Chicago, the groceries index is 3.5% higher than the national average.
Where is the Data From?
The cost of living data in North Chicago displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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