An Overview of Cost of Living in Deerfield, IL
Understanding the cost of living in Deerfield can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Deerfield cost of living index is 150, which is 50% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you're in pursuit of an economical living environment, Deerfield may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Deerfield falls within this bracket.
Housing costs are a major factor in the Deerfield cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 157.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Deerfield?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 8 locals to understand their opinions on the cost of living in Deerfield. The results indicated that 38% found it reasonably priced with decreasing prices of goods and services, while 63% viewed it as quite expensive, with increasing prices.
Is Deerfield Affordable?
Is Deerfield affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Deerfield, for instance, where the median home price falls 182.1% higher than the national average, and monthly rent rates are 99.1% higher than usual. Additionally, median income levels contribute to the equation, with Deerfield flaunting a median household income of $162,064, 192.9% higher than the national norm.
What Factors can Influence the Cost of Living in Deerfield?
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Deerfield, the groceries index is 3.5% higher than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Deerfield starts at 6.25% and the income tax rates start at 4.95%.
Where is the Data From?
The Deerfield cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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