An Overview of Cost of Living in La Grange, IL
Understanding the cost of living in La Grange can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The La Grange cost of living index is 143, which is 43% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
The cost of living in La Grange 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 falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a very significant part of the La Grange cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 135% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is La Grange Affordable?
Is La Grange affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take La Grange, for instance, where the median home price falls 177.5% higher than the national average, and monthly rent rates are 35.9% higher than usual. Additionally, median income levels contribute to the equation, with La Grange flaunting a median household income of $122,629, 121.7% higher than the national norm.
What Factors can Influence the Cost of Living in La Grange?
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In La Grange, the baseline sales tax rate begins at 6.25%, and income tax rates start at 4.95%.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In La Grange, the healthcare costs are 7.7% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In La Grange, the transportation index stands at 7.2% higher than the national average.
Where is the Data From?
The cost of living data in La Grange displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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