| Index | Gages Lake | Illinois | National |
| Cost of living | 112 | 98 | 100 |
| Groceries | 100 | 100 | 100 |
| Health care | 101 | 100 | 100 |
| Housing | 141 | 95 | 100 |
| Transportation | 98 | 101 | 100 |
| Utilities | 99 | 99 | 100 |
| Lifestyle & Entertainment | 97 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 98 | 100 | 100 |
The cost of living in Gages Lake affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Gages Lake is 112, which is 12% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing costs are a major factor in the Gages Lake 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 40.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Gages Lake 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 Gages Lake, the median home price is 34.4% higher than the national average and monthly rent prices are 56.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Gages Lake boasting a median household income of $141,682, 74.2% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Gages Lake, healthcare costs are 0.6% higher than the national average.
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 Gages Lake, the utilities index is 1.5% lower than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday household expenses, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Gages Lake, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 4.95%.
The cost of living data for Gages Lake shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $152,915 | $12,743 | $3,568 | $4,588 |
| Renters | $87,433 | $7,286 | $2,040 | $2,623 |
| 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. |
| Park City, IL | 7,894 | 82 | 18.2% |
| North Chicago, IL | 30,865 | 95 | 5.0% |
| Round Lake Park, IL | 8,005 | 95 | 5.3% |
| Waukegan, IL | 90,063 | 96 | 4.1% |
| Zion, IL | 24,329 | 96 | 3.7% |
| Gages Lake, IL | 10,172 | 112 | 11.5% |
| City | Population | Cost of Living Index | National Avg. |
| Charter Oak, CA | 10,172 | 146 | 46.4% |
| Wimauma, FL | 10,172 | 110 | 10.1% |
| Ramara, ON | 10,171 | n/a | |
| Russellville, AL | 10,174 | 84 | 16.0% |
| Denham Springs, LA | 10,174 | 97 | 2.9% |
| Gages Lake, IL | 10,172 | 112 | 11.5% |
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