Downers Grove cost of living index

An overview of the general cost of living index for Downers Grove, IL is displayed above for your reference. Residents in Downers Grove, IL enjoy a cost of living index of 118. This index is 19% higher than the Illinois average, and 18% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Downers Grove, IL, the average cost of goods and services is 5% lower than it is in Illinois, and it is 4% lower than the national average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Downers Grove, 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 Downers Grove, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Downers Grove, 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

The affordability of the housing market in Downers Grove, IL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Downers Grove, IL homeowners, the median income is $105,327. This indicates that a monthly maximum of $2,457 should be spent by homeowners on all housing related costs. Renters have a median income of $41,031. This indicates that renters should have a maximum of $957 used for their rent related monthly costs.

Illinois Sales Tax

Illinois Income Tax

When you are determining the total cost of living in Downers Grove, IL you will want to make sure you consider both the Illinois sales tax and the Illinois income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Illinois is 6.25%, with the highest surtax being 10.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Illinois have a range from 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 Downers Grove, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.