Summit 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.
IndexSummitIllinoisNational
Cost of living index10299100
IndexSummitIllinoisNational
Goods & Services index10698100
Groceries index10899100
Health care index100101100
Housing index9299100
Transportation index11297100
Utilities index104101100
Here we can see a simple outline of the cost of living in Summit, IL. As you can see, with the average cost of living in Summit, IL being 102, that puts it 3% higher than the average of Illinois and 2% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Summit, IL, the price of goods and services are 8% higher than the average of Illinois as well as 6% higher than the nation's average.

Did you know?

  • The cost of living in Summit is 3% higher than the Illinois average.
  • The cost of living in Summit is 2% higher than the national average.
  • The cost of housing in Summit is 8% 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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Health care index
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Use the salary calculator to compare your current salary in Summit, IL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Summit, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Summit, IL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$57,083$4,757$1,332$1,713
Renters$35,147$2,929$820$1,055
One can approximate the cost of living and the housing affordability in Summit, 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 Summit, IL have a median income of $57,083. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,332 per month to avoid calamity and poverty. The renters in the city have an income of about $35,147, which would make their monthly maximum allowable rental costs $820.

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 Summit, 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

ItemSummitNational 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

ItemSummitNational 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

ItemSummitNational 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

ItemSummitNational avg.Difference
Home Price $160,200.00$175,700.008.8%
Avg. Mortgage Payment $1,500.61$1,081.0338.8%
Apartment Rent $854.00$920.007.2%

Transportation

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

Utilities

ItemSummitNational 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.
Dixmoor, IL3,63587-13%
Hodgkins, IL2,18588-12%
Robbins, IL5,22191-9%
Harvey, IL25,22592-8%
Phoenix, IL2,14392-8%
Summit, IL11,3671022%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Snyder, TX11,36883-17%
Richfield, WI11,36512121%
Lovington, NM11,36484-16%
Macedonia, OH11,3641044%
Plano, IL11,37196-4%
Summit, IL11,3671022%
Source: The Summit, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.