An Overview of Cost of Living in Arlington Heights, IL
Understanding the cost of living in Arlington Heights can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Arlington Heights cost of living index is 126, which is 26% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, Arlington Heights may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Arlington Heights falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the Arlington Heights cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 79% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Arlington Heights?
The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in Arlington Heights. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 44% found it budget-friendly with decreasing prices, while 56% said it's simply not affordable as prices have continued to rise.
Is Arlington Heights Affordable?
Is Arlington Heights 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 Arlington Heights, the median home price is 90.6% higher than what most folks pay across the country, and monthly rent prices are 51.8% higher than the usual rates. Income levels in Arlington Heights come in at $100,221, which is 81.2% higher than the national average.
What Factors can Influence the Cost of Living in Arlington Heights?
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Arlington Heights, the groceries index is 3.5% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Arlington Heights, the transportation index is 7.2% higher than the national average.
Where is the Data From?
The Arlington Heights cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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