Calumet Park cost of living index

A general summary of the cost of living index in Calumet Park, IL is shown above. Compared to the state average of Illinois the cost of living index in Calumet Park, IL is 99, which is equal to the average in Illinois and compared to the national average it is 1% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Calumet Park, IL goods and services come in at 14% higher than the average in Illinois and are 15% higher than compared to the nationwide average.

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Salary Calculator

Use the salary calculator to compare your current salary in Calumet 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 Calumet Park, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Calumet 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

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 Calumet 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. Calumet Park, IL has a median income of about $53,539 for people who own homes. Based on that number, a person should spend a maximum of $1,249 on expenses related to housing. Renters have a slightly different median income, which is $31,626. Based on this average, renters should spend no more than $738 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

Illinois Income Tax

For those who live in Calumet Park, IL and want to know what the true cost of living is, they ought to look at both the Illinois income tax rate and the Illinois sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Illinois, the sales tax is 6.25%, while the most you'll pay in surtax is 10.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Illinois, the income tax rate ranges between 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 Calumet Park, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.