Kankakee cost of living index

Displayed above is a general overview of the Kankakee, IL cost of living index. The overall cost of living index in Kankakee, IL is 91, which is 8% lower than the Illinois average and 9% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Kankakee, IL are 3% higher than the Illinois average and 4% higher than the national average.

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Salary Calculator

Use the salary calculator to compare your current income in Kankakee, 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 Kankakee, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Kankakee, 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

If you want to find a good determining factor for the cost of living and the general affordability of housing in Kankakee, IL, all you must look at 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 Kankakee, IL, the median monthly income is $46,787 for those who own their own homes. Under the standard rule, that income level would allow for $1,092 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $20,916, per the median income in the area. That would allow for renters to spend up to $488 on monthly rental expenses.

Illinois Sales Tax

Illinois Income Tax

When you are determining the total cost of living in Kankakee, IL you will want to make sure you consider both the Illinois sales tax and the Illinois income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Illinois is 6.25%, with the highest surtax being 10.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Illinois have a range from 3.75% to 3.75%.

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