Danville cost of living index

Here we can see a simple outline of the cost of living in Danville, IL. As you can see, with the average cost of living in Danville, IL being 84, that puts it 15% lower than the average of Illinois and 16% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Danville, IL, the price of goods and services are 1% lower than the average of Illinois as well as equal to the nation's average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Danville, IL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Danville, IL, you have to earn a higher income in order to still have the same standard of living. To operate the Danville, IL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

One can approximate the cost of living and the housing affordability in Danville, IL by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Danville, IL have a median income of $50,985. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,190 per month to avoid calamity and poverty. The renters in the city have an income of about $21,899, which would make their monthly maximum allowable rental costs $511.

Illinois Sales Tax

Illinois Income Tax

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