Huntley cost of living index

A general overview of the cost of living index for Huntley, IL is displayed above. In Huntley, IL, the overall cost of living index is 104, which is 5% higher than the Illinois average and 4% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Huntley, IL, the city's goods and services are 6% lower than the Illinois average and 5% lower than the U.S. average.

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Salary Calculator

Use the salary calculator to compare your current income in Huntley, IL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Huntley, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Huntley, IL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Huntley, IL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Huntley, IL homeowners, the median income is $82,845. This indicates that a monthly maximum of $1,933 should be spent by homeowners on all housing related costs. Renters have a median income of $51,014. This indicates that renters should have a maximum of $1,190 used for their rent related monthly costs.

Illinois Sales Tax

Illinois Income Tax

When assessing the complete cost of living in Huntley, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 10.25%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Huntley, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.