Island Lake cost of living index

The above illustration supplies generalized information for the Island Lake, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Island Lake, IL is 108, which is 9% higher than the Illinois average and 8% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Island Lake, IL are 14% higher than the average for Illinois and 15% higher than the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current income in Island Lake, 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 Island Lake, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Island Lake, 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 percent of monthly income spent on housing can be a good indicator of the affordability of housing in Island Lake, IL as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Island Lake, IL homeowners, is $76,156. This would allow for a maximum of $1,777 per month to be spent on housing costs. For renters, the median monthly income is $44,069 which would result in a maximum of $1,028 to be spent on rental costs.

Illinois Sales Tax

Illinois Income Tax

When assessing the complete cost of living in Island Lake, 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 Island Lake, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.