Champaign cost of living index

An overview of the general cost of living index for Champaign, IL is displayed above for your reference. Residents in Champaign, IL enjoy a cost of living index of 93. This index is 6% lower than the Illinois average, and 7% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Champaign, IL, the average cost of goods and services is 7% lower than it is in Illinois, and it is 6% lower than the national average.

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Salary Calculator

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

The affordability of the housing market in Champaign, IL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Champaign, IL homeowners, the median income is $75,267. This indicates that a monthly maximum of $1,756 should be spent by homeowners on all housing related costs. Renters have a median income of $25,837. This indicates that renters should have a maximum of $603 used for their rent related monthly costs.

Illinois Sales Tax

Illinois Income Tax

When considering the overall cost of living expenses in Champaign, 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 Champaign, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.