Addison cost of living index

Here we can see a simple outline of the cost of living in Addison, IL. As you can see, with the average cost of living in Addison, IL being 112, that puts it 13% higher than the average of Illinois and 12% 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 Addison, IL, the price of goods and services are 14% higher than the average of Illinois as well as 15% higher than the nation's average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Addison, IL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Addison, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Addison, IL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Addison, 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 Addison, IL homeowners have a median income of $73,518. Using that number, you will come up with a maximum of $1,715 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $33,274, which means there is a maximum of $776 to be spent on the costs of renting a home or apartment.

Illinois Sales Tax

Illinois Income Tax

When you are determining the total cost of living in Addison, IL you will want to make sure you consider both the Illinois sales tax and the Illinois income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Illinois is 6.25%, with the highest surtax being 10.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Illinois have a range from 3.75% to 3.75%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Addison, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.