| Index | Algonquin | Illinois | National |
| Cost of living | 116 | 98 | 100 |
| Groceries | 99 | 100 | 100 |
| Health care | 101 | 100 | 100 |
| Housing | 154 | 95 | 100 |
| Transportation | 102 | 101 | 100 |
| Utilities | 101 | 99 | 100 |
| Lifestyle & Entertainment | 97 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 102 | 100 | 100 |
Knowing the cost of living in Algonquin allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Algonquin stands at 116, marking it 16% higher than the national average.
When it comes to the cost of living in Algonquin, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 54.4% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Algonquin an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Algonquin, the median home price is 45.4% higher than what most folks pay across the country, and monthly rent prices are 75.3% higher than the usual rates. Income levels in Algonquin come in at $160,762, which is 97.7% higher than the national average.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Algonquin, the utilities index registers 1.2% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Algonquin, the housing index stands at 54.4% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
The Algonquin cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $181,913 | $15,159 | $4,244 | $5,458 |
| Renters | $96,317 | $8,026 | $2,247 | $2,890 |
| State | General Sales Tax | With Max Surtax |
| Illinois | 6.25% | 10.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Illinois | 4.95% | 4.95% |
| City | Population | Cost of Living Index | National Avg. |
| Round Lake Park, IL | 8,005 | 95 | 5.3% |
| Marengo, IL | 8,096 | 97 | 3.1% |
| McCullom Lake, IL | 1,222 | 97 | 2.5% |
| Union, IL | 699 | 99 | 1.2% |
| Wonder Lake, IL | 4,084 | 99 | 0.6% |
| Algonquin, IL | 31,826 | 116 | 16.5% |
| City | Population | Cost of Living Index | National Avg. |
| Sterling, VA | 31,816 | 133 | 33.1% |
| Petersburg, VA | 31,836 | 94 | 6.3% |
| Centereach, NY | 31,808 | 137 | 36.6% |
| Winter Park, FL | 31,768 | 139 | 39.0% |
| Sherwood, AR | 31,910 | 93 | 6.7% |
| Algonquin, IL | 31,826 | 116 | 16.5% |
Here are the best places to live in Illinois
Check out the 10 safest cities in Illinois
Safest States In The US
Safest Cities In The US