University Park 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.
IndexUniversity ParkIllinoisNational
Cost of living index9399100
IndexUniversity ParkIllinoisNational
Goods & Services index9698100
Groceries index10699100
Health care index104101100
Housing index7799100
Transportation index10097100
Utilities index103101100
An overview of the general cost of living index for University Park, IL is displayed above for your reference. Residents in University Park, IL enjoy a cost of living index of 93. This index is 6% lower than the Illinois average, and 7% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in University Park, IL, the average cost of goods and services is 2% lower than it is in Illinois, and it is 4% lower than the national average.

Did you know?

  • The cost of living in University Park is 6% lower than the Illinois average.
  • The cost of living in University Park is 7% lower than the national average.
  • The cost of housing in University Park is 23% 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 salary in University Park, 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 University Park, IL, then you would need to earn more income in order to maintain the same standard of living. To use the University Park, 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$68,141$5,678$1,590$2,044
Renters$25,591$2,133$597$768
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in University Park, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. University Park, IL has a median income of about $68,141 for people who own homes. Based on that number, a person should spend a maximum of $1,590 on expenses related to housing. Renters have a slightly different median income, which is $25,591. Based on this average, renters should spend no more than $597 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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 considering the overall cost of living expenses in University Park, IL, it's important to take into account the sales tax for Illinois, as well as the rate for income tax in Illinois. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Illinois is 9.75%, and the sales tax in the state of Illinois is 6.25%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Illinois starts from 3.75% and goes up to 3.75%.

Goods & Services

ItemUniversity ParkNational avg.Difference
Haircut $15.50$14.596.2%
Beauty Salon $37.40$34.687.8%
Toothpaste $3.31$2.4733.8%
Shampoo $1.53$1.0249.7%
Movie $10.26$9.874.0%
Bowling $3.51$4.3920.1%

Groceries

ItemUniversity ParkNational avg.Difference
Ground Beef $4.21$4.486.0%
Fried Chicken $1.56$1.466.6%
Milk $2.65$2.3612.4%
Potatoes $2.78$3.069.2%
Pizza $8.86$9.244.1%
Beer $8.19$8.635.1%

Health Care

ItemUniversity ParkNational avg.Difference
Optometrist $111.13$99.7811.4%
Doctor $129.44$105.0323.2%
Dentist $82.38$88.707.1%
Ibuprofen $8.99$9.414.5%
Lipitor $298.47$298.500.0%

Housing

ItemUniversity ParkNational avg.Difference
Home Price $116,000.00$175,700.0034.0%
Avg. Mortgage Payment $1,023.97$1,081.035.3%
Apartment Rent $954.00$920.003.7%

Transportation

ItemUniversity ParkNational avg.Difference
Gasoline $2.03$2.093.1%
Tire Balancing $49.67$45.299.7%

Utilities

ItemUniversity ParkNational avg.Difference
All Electricity$175.65$170.802.8%
Phone $29.20$28.263.3%
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%
Ford Heights, IL2,77786-14%
East Chicago, IN29,38791-9%
Robbins, IL5,22191-9%
Harvey, IL25,22592-8%
University Park, IL6,85293-7%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Kenwood, OH6,85211010%
West Hattiesburg, MS6,85387-13%
Martins Ferry, OH6,85085-15%
Lakes of the Four Seasons, IN6,85411212%
Seminole, TX6,84888-12%
University Park, IL6,85293-7%
Source: The University Park, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.