Park Ridge 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 RidgeIllinoisNational
Cost of living index13299100
IndexPark RidgeIllinoisNational
Goods & Services index10698100
Groceries index10899100
Health care index100101100
Housing index19399100
Transportation index11297100
Utilities index104101100
A general overview of the cost of living index for Park Ridge, IL is displayed above. In Park Ridge, IL, the overall cost of living index is 132, which is 34% higher than the Illinois average and 32% higher 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 Ridge, IL, the city's goods and services are 8% higher than the Illinois average and 6% higher than the U.S. average.

Did you know?

  • The cost of living in Park Ridge is 34% higher than the Illinois average.
  • The cost of living in Park Ridge is 32% higher than the national average.
  • The cost of housing in Park Ridge is 93% higher 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 Park Ridge, IL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Health care index
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The salary calculator is meant to help you compare your salary in Park Ridge, IL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Park Ridge, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Park Ridge, IL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$102,055$8,505$2,381$3,062
Renters$48,683$4,057$1,136$1,461
If you want to find a good determining factor for the cost of living and the general affordability of housing in Park Ridge, IL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Park Ridge, IL, the median monthly income is $102,055 for those who own their own homes. Under the standard rule, that income level would allow for $2,381 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $48,683, per the median income in the area. That would allow for renters to spend up to $1,136 on monthly rental expenses.

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 Ridge, 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 RidgeNational avg.Difference
Haircut $17.50$14.5919.9%
Beauty Salon $45.00$34.6829.8%
Toothpaste $2.34$2.475.4%
Shampoo $0.99$1.023.1%
Movie $13.75$9.8739.3%
Bowling $5.00$4.3913.9%

Groceries

ItemPark RidgeNational avg.Difference
Ground Beef $5.37$4.4820.0%
Fried Chicken $1.42$1.463.0%
Milk $1.74$2.3626.2%
Potatoes $2.50$3.0618.3%
Pizza $10.99$9.2418.9%
Beer $14.25$8.6365.1%

Health Care

ItemPark RidgeNational avg.Difference
Optometrist $95.00$99.784.8%
Doctor $100.00$105.034.8%
Dentist $100.00$88.7012.7%
Ibuprofen $9.24$9.411.8%
Lipitor $262.00$298.5012.2%

Housing

ItemPark RidgeNational avg.Difference
Home Price $388,900.00$175,700.00121.3%
Avg. Mortgage Payment $1,500.61$1,081.0338.8%
Apartment Rent $1,181.00$920.0028.4%

Transportation

ItemPark RidgeNational avg.Difference
Gasoline $2.29$2.099.5%
Tire Balancing $53.31$45.2917.7%

Utilities

ItemPark RidgeNational avg.Difference
All Electricity$173.99$170.801.9%
Phone $30.05$28.266.3%
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, StatePopulationCost of Living IndexNational Avg.
Cicero, IL84,42399-1%
Bellwood, IL19,14999-1%
Maywood, IL24,148100-0%
Stone Park, IL4,9591011%
Broadview, IL7,9561011%
Park Ridge, IL37,51113232%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Florence, SC37,51296-4%
East Meadow, NY37,51316262%
Roy, UT37,47297-3%
South Miami Heights, FL37,5641000%
Oakley, CA37,39112222%
Park Ridge, IL37,51113232%
Source: The Park Ridge, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.