Hoffman Estates, Illinois Cost Of Living

F

16%

Overall NAT. AVG.

13%

Goods & Services NAT. AVG.

33%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Hoffman Estates	Illinois	National
Cost of living	116	97	100
Goods & Services	113	96	100
Groceries	104	97	100
Health care	98	98	100
Housing	133	95	100
Transportation	119	104	100
Utilities	91	96	100

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Cost Of Living Quick Facts

The cost of living in Hoffman Estates is 19% higher than the Illinois average
The cost of living in Hoffman Estates is 16% higher than the national average
Hoffman Estates housing is 33% higher than the national average
Illinois general sales tax is 22% higher than the national average
Illinois state income tax is 119% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$102,823	$8,569	$2,399	$3,085
Renters	$57,823	$4,819	$1,349	$1,735

A good indicator of the general affordability of housing in Hoffman Estates, IL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Hoffman Estates, the median monthly income is $102,823 for those who own their own homes. Under the standard rule, that income level would allow for $2,399 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $57,823, per the median income in the area. That would allow for renters to spend up to $1,349 on monthly rental expenses.

Illinois Sales Tax

State	General Sales Tax	With Max Surtax
Illinois	6.25%	10.25%

Illinois Income Tax

State	Income Tax (Low)	Income Tax (High)
Illinois	4.95%	4.95%

Goods & Services

Item	Hoffman Estates	National avg.	Difference
Haircut	$34.95	$20.27	72.4%
Beauty Salon	$59.38	$40.39	47.0%
Toothpaste	$2.43	$2.36	2.9%
Shampoo	$1.06	$1.08	1.7%
Movie	$14.42	$10.99	31.3%
Bowling	$20.01	$15.49	29.2%

Groceries

Item	Hoffman Estates	National avg.	Difference
Ground Beef	$5.23	$4.30	21.7%
Fried Chicken	$1.85	$1.40	31.9%
Milk	$2.26	$2.20	2.6%
Potatoes	$2.75	$3.22	14.7%
Pizza	$13.02	$10.74	21.2%
Beer	$9.67	$9.60	0.8%

Health Care

Item	Hoffman Estates	National avg.	Difference
Optometrist	$97.30	$109.73	11.3%
Doctor	$105.52	$118.34	10.8%
Dentist	$102.17	$100.94	1.2%
Ibuprofen	$9.99	$9.93	0.6%
Lipitor	$494.12	$469.53	5.2%

Housing

Item	Hoffman Estates	National avg.	Difference
Home Price	$252,600.00	$184,700.00	36.8%
Avg. Mortgage Payment	$1,777.54	$1,229.62	44.6%
Apartment Rent	$1,177.00	$949.00	24.0%

Transportation

Item	Hoffman Estates	National avg.	Difference
Gasoline	$3.39	$2.71	24.9%
Tire Balancing	$57.48	$51.86	10.8%

Utilities

Item	Hoffman Estates	National avg.	Difference
All Electricity	$129.38	$170.84	24.3%
Phone	$206.73	$187.18	10.4%

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.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Bellwood, IL	19,146	99	0.9%
Stone Park, IL	4,936	100	0.2%
Northlake, IL	12,339	102	2.1%
Carpentersville, IL	38,275	102	2.4%
Hillside, IL	8,165	102	2.5%
Hoffman Estates, IL	51,727	116	15.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Commerce City, CO	51,731	109	8.7%
Huntersville, NC	51,701	111	10.5%
Battle Creek, MI	51,763	77	22.6%
Minnetonka, MN	51,651	120	19.6%
Southaven, MS	51,816	87	13.0%
Hoffman Estates, IL	51,727	116	15.7%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.