An Overview of Cost of Living in Homer Glen, IL
The cost of living in Homer Glen 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 Homer Glen is 121, which is 21% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you prioritize affordability when seeking a new place to live, Homer Glen may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Homer Glen falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Homer Glen 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 65.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
What Do Locals Say About the Cost of Living in Homer Glen?
Nobody knows their city better than the people who actually live there. So, we asked 11 local residents how they would rate the cost of living in Homer Glen and this is how they responded. 18% of people said that the cost of living was affordable, with prices decreasing, while 82% of people said that the cost of living was very expensive and prices continue to rise.
Is Homer Glen Affordable?
Is Homer Glen 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 Homer Glen, for instance, where the median home price falls 82.7% higher than the national average, and monthly rent rates are 25.4% higher than usual. Additionally, median income levels contribute to the equation, with Homer Glen flaunting a median household income of $108,783, 96.6% higher than the national norm.
What Factors can Influence the Cost of Living in Homer Glen?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Homer Glen, the groceries index is 2.7% lower than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Homer Glen, the transportation index is 13.6% higher than the national average.
Where is the Data From?
The cost of living data in Homer Glen 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.
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