| Index | Elk Grove Village | Illinois | National |
| Cost of living | 115 | 98 | 100 |
| Groceries | 99 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 154 | 95 | 100 |
| Transportation | 98 | 101 | 100 |
| Utilities | 99 | 99 | 100 |
| Lifestyle & Entertainment | 98 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 101 | 100 | 100 |
Getting a feel for the cost of living in Elk Grove Village is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Elk Grove Village is 115, which is 15% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing costs significantly influence the Elk Grove Village cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 53.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Elk Grove Village an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Elk Grove Village is 61.4% higher than the national average, while the average monthly rent prices are 35% higher than average. The affordability of any location can also be influenced by median income levels. Elk Grove Village has a median household income of $124,943, which is 53.6% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Elk Grove Village, the groceries index is 1% lower than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Elk Grove Village, the utilities index is 0.8% lower than the national average.
The Elk Grove Village cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
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| Groceries index | |
| Health care index | |
| Housing index | |
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| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $149,951 | $12,496 | $3,499 | $4,499 |
| Renters | $85,400 | $7,117 | $1,993 | $2,562 |
| State | General Sales Tax | With Max Surtax |
| Illinois | 6.25% | 10.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Illinois | 4.95% | 4.95% |
| City | Population | Cost of Living Index | National Avg. |
| Maywood, IL | 23,986 | 96 | 3.6% |
| Broadview, IL | 7,841 | 99 | 0.9% |
| Bellwood, IL | 19,287 | 99 | 1.0% |
| Cicero, IL | 84,320 | 100 | 0.3% |
| Summit, IL | 11,472 | 100 | 0.1% |
| Elk Grove Village, IL | 33,607 | 115 | 15.4% |
| City | Population | Cost of Living Index | National Avg. |
| South Riding, VA | 33,596 | 158 | 58.0% |
| Manitowoc, WI | 33,568 | 88 | 12.1% |
| Massillon, OH | 33,654 | 87 | 13.5% |
| Pointe-Claire, QC | 33,658 | n/a | |
| East Lake, FL | 33,518 | 126 | 25.6% |
| Elk Grove Village, IL | 33,607 | 115 | 15.4% |
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