An Overview of Cost of Living in Champaign, IL
Knowing the cost of living in Champaign 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 Champaign stands at 96, marking it 4% lower than the national average.
The cost of living in Champaign closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Champaign can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Champaign?
The most insightful perspective on a city comes from its residents. We recently surveyed 9 locals to gauge their perception of the cost of living in Champaign. The feedback revealed that 33% of respondents found the cost of living to be reasonable, with prices on the decline, while 67% regarded it as notably expensive with prices that continue to rise.
Is Champaign Affordable?
Is Champaign affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Champaign, the median home price is 9.6% lower than the national average and monthly rent prices are 2.8% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Champaign boasting a median household income of $49,467, 10.6% lower than the national average.
What Factors can Influence the Cost of Living in Champaign?
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Champaign, the transportation index is 2.6% lower than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Champaign, the general sales tax rate starts at 6.25%, and income tax rates begin at 4.95%.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Champaign, the housing index is 7.6% lower than the national average.
Where is the Data From?
The Champaign 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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