Princeton 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.
IndexPrincetonIllinoisNational
Cost of living index8899100
IndexPrincetonIllinoisNational
Goods & Services index9898100
Groceries index9899100
Health care index96101100
Housing index6499100
Transportation index9897100
Utilities index98101100
The above illustration supplies generalized information for the Princeton, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Princeton, IL is 88, which is 12% lower than the Illinois average and 12% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Princeton, IL are equal to the average for Illinois and 2% lower than the rest of the country.

Did you know?

  • The cost of living in Princeton is 12% lower than the Illinois average.
  • The cost of living in Princeton is 12% lower than the national average.
  • The cost of housing in Princeton is 36% 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 income in Princeton, 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 Princeton, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Princeton, 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$59,850$4,988$1,396$1,796
Renters$21,134$1,761$493$634
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Princeton, IL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Princeton, IL homeowners have a median income of $59,850. Using that number, you will come up with a maximum of $1,396 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $21,134, which means there is a maximum of $493 to be spent on the costs of renting a home or apartment.

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%
When assessing the complete cost of living in Princeton, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 9.75%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

Goods & Services

ItemPrincetonNational avg.Difference
Haircut $17.00$14.5916.5%
Beauty Salon $19.00$34.6845.2%
Toothpaste $2.27$2.478.2%
Shampoo $0.83$1.0218.8%
Movie $8.75$9.8711.3%
Bowling $3.50$4.3920.3%

Groceries

ItemPrincetonNational avg.Difference
Ground Beef $4.02$4.4810.2%
Fried Chicken $1.49$1.461.8%
Milk $2.12$2.3610.0%
Potatoes $3.31$3.068.1%
Pizza $8.99$9.242.7%
Beer $7.92$8.638.3%

Health Care

ItemPrincetonNational avg.Difference
Optometrist $122.03$99.7822.3%
Doctor $97.00$105.037.6%
Dentist $82.00$88.707.6%
Ibuprofen $7.98$9.4115.2%
Lipitor $301.39$298.501.0%

Housing

ItemPrincetonNational avg.Difference
Home Price $114,100.00$175,700.0035.1%
Avg. Mortgage Payment $1,155.44$1,081.036.9%
Apartment Rent $559.00$920.0039.2%

Transportation

ItemPrincetonNational avg.Difference
Gasoline $1.95$2.096.8%
Tire Balancing $50.00$45.2910.4%

Utilities

ItemPrincetonNational avg.Difference
All Electricity$157.04$170.808.1%
Phone $29.99$28.266.1%
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.
New Bedford, IL7380-20%
Dover, IL15181-19%
Buda, IL67182-18%
Bureau Junction, IL23782-18%
Bradford, IL79883-17%
Princeton, IL7,69888-12%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Ripon, WI7,69994-6%
Pittston, PA7,70293-7%
Wading River, NY7,69414444%
Lake Geneva, WI7,6931011%
Crestwood Village, NJ7,70397-3%
Princeton, IL7,69888-12%
Source: The Princeton, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.