An Overview of Cost of Living in Hinsdale, IL
Are you thinking about relocating, but curious about the potential cost of living in Hinsdale? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Hinsdale stands at 190, making it 90% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you value affordability in your search for a new place to live, Hinsdale may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Hinsdale falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs make up a big chunk of the cost of living in Hinsdale, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 291.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Hinsdale Affordable?
Is Hinsdale 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 Hinsdale, the median home price is 377.9% higher than the national average and monthly rent prices are 91.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hinsdale boasting a median household income of $206,701, 273.6% higher than the national average.
What Factors can Influence the Cost of Living in Hinsdale?
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 Hinsdale, the housing index stands at 291.9% 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 Hinsdale, the transportation index stands at 7.2% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Hinsdale, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 4.95%.
Where is the Data From?
The cost of living data in Hinsdale 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.
Here are the best places to live in Illinois
Check out the 10 safest cities in Illinois
10 Best cities in Illinois for employment
10 best cities to buy a new house in Illinois