C+
5%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
9%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Elgin Illinois National
Cost of living10596100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing10995100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Elgin, IL

Understanding the cost of living in Elgin 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 Elgin cost of living index is 105, which is 5% 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.

Everyday expenditures like food, housing, goods and services, transportation and health care in Elgin are priced in a manner consistent with other areas. This means that residents of Elgin can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

What Do Locals Say About the Cost of Living in Elgin?

Nobody knows their city better than the people who actually live there. So, we asked 11 local residents how they would rate the cost of living in Elgin and this is how they responded. 64% of people said that the cost of living was affordable, with prices decreasing, while 36% of people said that the cost of living was very expensive and prices continue to rise.

Is Elgin Affordable?

Is Elgin affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Elgin, the median home price is 6.2% higher than the national average and monthly rent prices are 14.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Elgin boasting a median household income of $72,999, 32% higher than the national average.

What Factors can Influence the Cost of Living in Elgin?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Elgin, the utilities index registers 10.8% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Elgin, the groceries index is 3.5% higher than the national average.

Where is the Data From?

The Elgin cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Elgin is 9% higher than the Illinois average
  • The cost of living in Elgin is 5% higher than the national average
  • Elgin housing is 9% higher than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 119% higher than the national average

Most Affordable Places to Live in and Around Elgin

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Compare Elgin, IL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$89,666$7,472$2,092$2,690
      Renters$44,669$3,722$1,042$1,340
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Elgin, IL, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Elgin homeowners, is $89,666. This would allow for a maximum of $2,092 per month to be spent on housing costs. For renters, the median monthly income is $44,669 which would result in a maximum of $1,042 to be spent on rental costs.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Elgin National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Elgin National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Elgin National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Elgin National avg. Difference
      Home Price $196,100.00$184,700.006.2%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,087.00$949.0014.5%

      Transportation

      Item Elgin National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Elgin National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Union, IL680945.8%
      Carpentersville, IL37,6181054.9%
      Burlington, IL5141000.1%
      East Dundee, IL3,2111077.4%
      Glendale Heights, IL33,8631088.3%
      Elgin, IL112,0621055.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pueblo, CO111,776946.1%
      High Point, NC112,434936.8%
      Manchester, NH112,44112020.0%
      Thunder Bay, ON111,499n/a 
      Peoria, IL112,6448911.3%
      Elgin, IL112,0621055.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.