Park Forest 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.
IndexPark ForestIllinoisNational
Cost of living index8998100
IndexPark ForestIllinoisNational
Goods & Services index9697100
Groceries index10197100
Health care index107100100
Housing index6699100
Transportation index115104100
Utilities index8895100
A general overview of the cost of living index for Park Forest, IL is displayed above. In Park Forest, IL, the overall cost of living index is 89, which is 9% lower than the Illinois average and 11% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Park Forest, IL, the city's goods and services are 1% lower than the Illinois average and 4% lower than the U.S. average.

Did you know?

  • The cost of living in Park Forest is 9% lower than the Illinois average.
  • The cost of living in Park Forest is 11% lower than the national average.
  • The cost of housing in Park Forest is 34% 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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Salary Calculator

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Use the salary calculator to compare your current salary in Park Forest, IL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Park Forest, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Park Forest, IL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$59,332$4,944$1,384$1,780
Renters$26,091$2,174$609$783
One can approximate the cost of living and the housing affordability in Park Forest, IL by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Park Forest, IL have a median income of $59,332. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,384 per month to avoid calamity and poverty. The renters in the city have an income of about $26,091, which would make their monthly maximum allowable rental costs $609.

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%
For those who live in Park Forest, IL and want to know what the true cost of living is, they ought to look at both the Illinois income tax rate and the Illinois sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Illinois, the sales tax is 6.25%, while the most you'll pay in surtax is 9.75%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Illinois, the income tax rate ranges between 3.75% to 3.75%.

Goods & Services

ItemPark ForestNational avg.Difference
Haircut $16.46$15.565.8%
Beauty Salon $38.52$36.116.7%
Toothpaste $3.27$2.4732.1%
Shampoo $0.96$0.960.9%
Movie $9.71$10.134.1%
Bowling $3.86$4.7418.5%

Groceries

ItemPark ForestNational avg.Difference
Ground Beef $4.22$3.985.9%
Fried Chicken $1.29$1.418.3%
Milk $2.38$2.0615.5%
Potatoes $2.83$2.985.1%
Pizza $8.74$9.477.7%
Beer $8.25$8.796.2%

Health Care

ItemPark ForestNational avg.Difference
Optometrist $110.97$101.049.8%
Doctor $137.35$107.4427.8%
Dentist $89.33$90.421.2%
Ibuprofen $8.99$9.283.1%
Lipitor $425.63$426.500.2%

Housing

ItemPark ForestNational avg.Difference
Home Price $82,200.00$175,700.0053.2%
Avg. Mortgage Payment $994.19$1,133.2312.3%
Apartment Rent $1,023.00$920.0011.2%

Transportation

ItemPark ForestNational avg.Difference
Gasoline $2.20$1.9910.5%
Tire Balancing $56.85$45.7624.2%

Utilities

ItemPark ForestNational avg.Difference
All Electricity$141.76$163.8113.5%
Phone $25.99$28.398.4%
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.
Dixmoor, IL3,63588-12%
Ford Heights, IL2,77792-8%
East Chicago, IN29,38792-8%
Robbins, IL5,22192-8%
Harvey, IL25,22594-6%
Park Forest, IL22,49089-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Sebastian, FL22,48599-1%
Bixby, OK22,480100-0%
Prichard, AL22,47585-15%
Rosemount, MN22,46911010%
Pottstown, PA22,5191033%
Park Forest, IL22,49089-11%
Source: The Park Forest, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.