An Overview of Cost of Living in La Grange Park, IL
Are you thinking about relocating, but curious about the potential cost of living in La Grange Park? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in La Grange Park stands at 126, making it 26% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
The cost of living in La Grange Park is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, La Grange Park falls into this category, which may not be suitable for those seeking an economically favorable living environment.
When it comes to the cost of living in La Grange Park, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 76.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is La Grange Park Affordable?
Is La Grange Park affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in La Grange Park, the median home price is 97.3% higher than the national average and monthly rent prices are 29.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with La Grange Park boasting a median household income of $107,945, 95.1% higher than the national average.
What Factors can Influence the Cost of Living in La Grange Park?
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In La Grange Park, the groceries index registers 3.5% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In La Grange Park, the housing index stands at 76.8% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In La Grange Park, the general sales tax rate starts at 6.25%, and income tax rates begin at 4.95%.
Where is the Data From?
The cost of living in La Grange Park, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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