Paxton 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.
IndexPaxtonIllinoisNational
Cost of living index8398100
IndexPaxtonIllinoisNational
Goods & Services index9497100
Groceries index9197100
Health care index99100100
Housing index5599100
Transportation index93104100
Utilities index10995100
A general overview of the cost of living index for Paxton, IL is displayed above. In Paxton, IL, the overall cost of living index is 83, which is 15% lower than the Illinois average and 17% 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 Paxton, IL, the city's goods and services are 3% lower than the Illinois average and 6% lower than the U.S. average.

Did you know?

  • The cost of living in Paxton is 15% lower than the Illinois average.
  • The cost of living in Paxton is 17% lower than the national average.
  • The cost of housing in Paxton is 45% 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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Use the salary calculator to compare your current income in Paxton, IL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Paxton, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Paxton, IL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$52,182$4,349$1,217$1,566
Renters$26,895$2,241$628$807
One can approximate the cost of living and the housing affordability in Paxton, 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 Paxton, IL have a median income of $52,182. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,217 per month to avoid calamity and poverty. The renters in the city have an income of about $26,895, which would make their monthly maximum allowable rental costs $628.

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%
The Illinois sales tax and Illinois income tax rates should definitely be considered when determining the overall cost of living in Paxton, IL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Illinois sales tax is 6.25% and the maximum surtax is 9.75%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Illinois income tax rates range from 3.75% to 3.75%.

Goods & Services

ItemPaxtonNational avg.Difference
Haircut $21.17$15.5636.0%
Beauty Salon $38.35$36.116.2%
Toothpaste $2.94$2.4719.0%
Shampoo $0.87$0.969.5%
Movie $9.00$10.1311.1%
Bowling $4.67$4.741.4%

Groceries

ItemPaxtonNational avg.Difference
Ground Beef $3.80$3.984.5%
Fried Chicken $1.18$1.4116.1%
Milk $1.98$2.063.9%
Potatoes $2.93$2.981.9%
Pizza $9.49$9.470.2%
Beer $8.31$8.795.5%

Health Care

ItemPaxtonNational avg.Difference
Optometrist $75.53$101.0425.2%
Doctor $89.37$107.4416.8%
Dentist $97.33$90.427.7%
Ibuprofen $10.66$9.2814.9%
Lipitor $438.22$426.502.7%

Housing

ItemPaxtonNational avg.Difference
Home Price $91,900.00$175,700.0047.7%
Avg. Mortgage Payment $1,004.08$1,133.2311.4%
Apartment Rent $570.00$920.0038.0%

Transportation

ItemPaxtonNational avg.Difference
Gasoline $1.93$1.993.4%
Tire Balancing $38.50$45.7615.9%

Utilities

ItemPaxtonNational avg.Difference
All Electricity$153.29$163.816.4%
Phone $36.95$28.3930.2%
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.
Rankin, IL41881-19%
Melvin, IL47880-20%
Sibley, IL32481-19%
Elliott, IL26481-19%
Thawville, IL18983-17%
Paxton, IL4,36183-17%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Denton, MD4,3611044%
Waverly, NY4,36287-13%
Sebring, OH4,36083-17%
Wolf Lake, MI4,36080-20%
Pine Manor, FL4,36384-16%
Paxton, IL4,36183-17%
Source: The Paxton, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.