| Index | Homewood | Illinois | National |
| Cost of living | 100 | 98 | 100 |
| Groceries | 100 | 100 | 100 |
| Health care | 100 | 100 | 100 |
| Housing | 101 | 95 | 100 |
| Transportation | 103 | 101 | 100 |
| Utilities | 100 | 99 | 100 |
| Lifestyle & Entertainment | 99 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 101 | 100 | 100 |
Getting a feel for the cost of living in Homewood is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Homewood is 100, which is 0% equal to the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Homewood aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, household expenses, health care and utility bills are priced at a level consistent with the average in similar urban areas. Homewood residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
Wondering if Homewood is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Homewood, for example, the median home price is 9.2% lower than what folks pay nationally, and monthly rent is 23.5% higher than the usual rates. Plus, income levels matter too, with Homewood boasting a median household income of $117,006, which is 43.9% higher 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.
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 Homewood, the groceries index is 0.4% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Homewood, the housing index is 0.6% higher than the national average.
The cost of living estimates displayed for Homewood are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $125,799 | $10,483 | $2,935 | $3,774 |
| Renters | $75,333 | $6,278 | $1,758 | $2,260 |
| 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. |
| Hodgkins, IL | 1,817 | 83 | 16.9% |
| Ford Heights, IL | 2,801 | 83 | 16.6% |
| East Chicago, IN | 28,835 | 82 | 17.8% |
| Phoenix, IL | 1,450 | 85 | 14.6% |
| Dixmoor, IL | 3,663 | 87 | 12.6% |
| Homewood, IL | 19,234 | 100 | 0.4% |
| City | Population | Cost of Living Index | National Avg. |
| Lake Shore, MD | 19,239 | 136 | 35.9% |
| Durant, OK | 19,221 | 89 | 10.5% |
| Terrell, TX | 19,247 | 94 | 5.8% |
| Jacksonville, IL | 19,218 | 88 | 12.5% |
| Concord, MO | 19,251 | 103 | 3.4% |
| Homewood, IL | 19,234 | 100 | 0.4% |
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