Cicero cost of living index

The above illustration supplies generalized information for the Cicero, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Cicero, IL is 100, which is 2% higher than the Illinois average and equal to 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 Cicero, IL are 14% higher than the average for Illinois and 15% higher than the rest of the country.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Cicero, IL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Cicero, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Cicero, IL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Cicero, IL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Cicero, IL homeowners have a median income of $59,339. Using that number, you will come up with a maximum of $1,384 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $33,825, which means there is a maximum of $789 to be spent on the costs of renting a home or apartment.

Illinois Sales Tax

Illinois Income Tax

When assessing the complete cost of living in Cicero, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 10.25%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

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