Barrington cost of living index

The above illustration supplies generalized information for the Barrington, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Barrington, IL is 145, which is 47% higher than the Illinois average and 45% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Barrington, IL are 14% higher than the average for Illinois and 15% higher than the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current income in Barrington, IL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Barrington, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Barrington, IL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

One can approximate the cost of living and the housing affordability in Barrington, 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 Barrington, IL have a median income of $141,514. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,302 per month to avoid calamity and poverty. The renters in the city have an income of about $41,733, which would make their monthly maximum allowable rental costs $974.

Illinois Sales Tax

Illinois Income Tax

When considering the overall cost of living expenses in Barrington, 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 10.25%, 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

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