| Index | Highland Park | Illinois | National |
| Cost of living | 146 | 98 | 100 |
| Groceries | 98 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 256 | 95 | 100 |
| Transportation | 100 | 101 | 100 |
| Utilities | 102 | 99 | 100 |
| Lifestyle & Entertainment | 99 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 96 | 100 | 100 |
Knowing the cost of living in Highland Park allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Highland Park stands at 146, marking it 46% higher than the national average.
If you're in pursuit of an economical living environment, Highland Park may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Highland Park falls within this bracket.
Housing costs are a very significant part of the Highland Park cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 156.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Highland Park 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 Highland Park is 190.4% higher than the national average, while the average monthly rent prices are 76.9% higher than average. The affordability of any location can also be influenced by median income levels. Highland Park has a median household income of $217,888, which is 167.9% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Highland Park, the transportation index stands at 0.3% higher than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Highland Park, the groceries index registers 2% lower than the national average.
The cost of living data for Highland Park 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.
| Cost of living index | |
| 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 | $253,362 | $21,114 | $5,911 | $7,602 |
| Renters | $92,158 | $7,680 | $2,150 | $2,765 |
| 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% |
| Round Lake Beach, IL | 28,313 | 98 | 1.7% |
| Highland Park, IL | 30,564 | 146 | 46.3% |
| City | Population | Cost of Living Index | National Avg. |
| Texarkana, AR | 30,581 | 89 | 11.4% |
| Suisun City, CA | 30,544 | 145 | 45.1% |
| Walnut, CA | 30,544 | 197 | 96.6% |
| Chicago Heights, IL | 30,540 | 92 | 8.4% |
| Parkersburg, WV | 30,536 | 82 | 18.3% |
| Highland Park, IL | 30,564 | 146 | 46.3% |
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