Cost of Living in Highland Park, IL

Homes For Sale In Highland Park, IL

An Overview of Cost of Living in Highland Park, IL

Understanding the cost of living in Highland Park 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 Highland Park cost of living index is 151, which is 51% 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.

The cost of living in Highland Park is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Highland Park falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs significantly influence the Highland Park 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 156.3%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Highland Park, these items will cost you 10.2% more than what most folks pay, making it a bit more expensive to live here.

Is Highland Park Affordable?

Is Highland Park 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 Highland Park, for instance, where the median home price falls 190.4% higher than the national average, and monthly rent rates are 76.9% higher than usual. Additionally, median income levels contribute to the equation, with Highland Park flaunting a median household income of $217,888, 167.9% higher than the national norm.

What Factors can Influence the Cost of Living in Highland Park?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Highland Park, the utilities index stands at 5.5% lower than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Highland Park, healthcare costs are 15.8% higher than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The cost of living in Highland Park, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

Most Affordable Places to Live in and Around Highland Park

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Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living in Highland Park is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Highland Park has a median income of about $253,362 for people who own homes. Based on that number, a maximum of $5,911 should be spent on expenses related to housing. Renters have a slightly different median income, which is $92,158. Based on this average, renters should spend no more than $2,150 on all rental costs if they want to maintain a non-impoverished standard of living.

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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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Date & Last Updated: This data reflects 2025 and was released from C2ER in January, 2026; this is the most current data available.