Chicago Ridge cost of living index

The above illustration supplies generalized information for the Chicago Ridge, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Chicago Ridge, IL is 104, which is 5% higher than the Illinois average and 4% 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 Chicago Ridge, 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 salary in Chicago Ridge, 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 Chicago Ridge, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Chicago Ridge, 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

If you want to find a good determining factor for the cost of living and the general affordability of housing in Chicago Ridge, IL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Chicago Ridge, IL, the median monthly income is $60,568 for those who own their own homes. Under the standard rule, that income level would allow for $1,413 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $35,187, per the median income in the area. That would allow for renters to spend up to $821 on monthly rental expenses.

Illinois Sales Tax

Illinois Income Tax

For those who live in Chicago Ridge, 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 Chicago Ridge, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.