An Overview of Cost of Living in Evanston, IL
Understanding the cost of living in Evanston 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 Evanston cost of living index is 133, which is 33% 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 prioritize affordability when seeking a new place to live, Evanston may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Evanston falls into this category, which may not align with your preferences for a budget-friendly living environment.
When it comes to the cost of living in Evanston, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 100.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Evanston?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 6 locals to understand their opinions on the cost of living in Evanston. The results indicated that 67% found it reasonably priced with decreasing prices of goods and services, while 33% viewed it as quite expensive, with increasing prices.
Is Evanston Affordable?
Is Evanston 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 Evanston, for instance, where the median home price falls 121.9% higher than the national average, and monthly rent rates are 51% higher than usual. Additionally, median income levels contribute to the equation, with Evanston flaunting a median household income of $82,335, 48.8% higher than the national norm.
What Factors can Influence the Cost of Living in Evanston?
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 Evanston, the groceries index is 3.5% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Evanston, the housing index stands at 100.7% higher 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.
Where is the Data From?
The cost of living data in Evanston displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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