An Overview of Cost of Living in Rantoul, IL
Are you thinking about relocating, but curious about the potential cost of living in Rantoul? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Rantoul stands at 86, making it 14% 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.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Rantoul stands out by reporting housing costs that are 41.7% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Rantoul can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
Is Rantoul Affordable?
Is Rantoul an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Rantoul is 52.2% lower than the national average, while the average monthly rent prices are 17% lower than average. The affordability of any location can also be influenced by median income levels. Rantoul has a median household income of $41,837, which is 24.4% lower than the national average.
What Factors can Influence the Cost of Living in Rantoul?
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Rantoul, the transportation index is 2.6% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Rantoul, the utilities index registers at 9.9% lower than the national average.
Where is the Data From?
The Rantoul cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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