Sherman 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.
IndexShermanIllinoisNational
Cost of living index9999100
IndexShermanIllinoisNational
Goods & Services index10398100
Groceries index10199100
Health care index106101100
Housing index10399100
Transportation index9297100
Utilities index72101100
The above illustration supplies generalized information for the Sherman, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Sherman, IL is 99, which is equal to the Illinois average and 1% 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 Sherman, IL are 5% higher than the average for Illinois and 3% higher than the rest of the country.

Did you know?

  • The cost of living in Sherman is equal to the Illinois average.
  • The cost of living in Sherman is 1% lower than the national average.
  • The cost of housing in Sherman is 3% 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.

Find Real Estate Listings In Sherman

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Sherman

Compare Sherman, IL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current income in Sherman, 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 Sherman, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Sherman, 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$90,284$7,524$2,106$2,709
Renters$28,419$2,368$663$853
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Sherman, IL as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Sherman, IL homeowners, is $90,284. This would allow for a maximum of $2,106 per month to be spent on housing costs. For renters, the median monthly income is $28,419 which would result in a maximum of $663 to be spent on rental costs.

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%
One thing to keep in mind when considering the cost of living in Sherman, IL is the Illinois sales tax and Illinois income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Illinois sales tax rate is 6.25% and the maximum surtax that can be charged is 9.75%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Illinois income tax rates range from 3.75% to 3.75%.

Goods & Services

ItemShermanNational avg.Difference
Haircut $13.43$14.598.0%
Beauty Salon $33.50$34.683.4%
Toothpaste $2.22$2.4710.2%
Shampoo $0.97$1.025.1%
Movie $10.62$9.877.6%
Bowling $3.67$4.3916.4%

Groceries

ItemShermanNational avg.Difference
Ground Beef $4.72$4.485.4%
Fried Chicken $1.47$1.460.4%
Milk $2.40$2.361.8%
Potatoes $3.73$3.0621.8%
Pizza $9.49$9.242.7%
Beer $7.67$8.6311.2%

Health Care

ItemShermanNational avg.Difference
Optometrist $87.00$99.7812.8%
Doctor $132.50$105.0326.1%
Dentist $83.57$88.705.8%
Ibuprofen $10.01$9.416.4%
Lipitor $315.70$298.505.8%

Housing

ItemShermanNational avg.Difference
Home Price $195,100.00$175,700.0011.0%
Avg. Mortgage Payment $825.57$1,081.0323.6%
Apartment Rent $786.00$920.0014.6%

Transportation

ItemShermanNational avg.Difference
Gasoline $1.83$2.0912.7%
Tire Balancing $47.74$45.295.4%

Utilities

ItemShermanNational avg.Difference
All Electricity$137.18$170.8019.7%
Phone $17.16$28.2639.3%
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.
Cornland, IL5176-24%
Broadwell, IL10180-20%
Middletown, IL29681-19%
Curran, IL18082-18%
Clear Lake, IL26283-17%
Sherman, IL4,01699-1%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Surfside Beach, SC4,01711010%
Norton, VA4,01584-16%
Castle Pines Village, CO4,01319494%
Le Sueur, MN4,01992-8%
Vandalia, MO4,01979-21%
Sherman, IL4,01699-1%
Source: The Sherman, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.