Lake Zurich cost of living index

The above illustration supplies generalized information for the Lake Zurich, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Lake Zurich, IL is 126, which is 27% higher than the Illinois average and 26% 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 Lake Zurich, IL are 14% higher than the average for Illinois and 15% higher than the rest of the country.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Lake Zurich, IL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Lake Zurich, IL, you have to earn a higher income in order to still have the same standard of living. To operate the Lake Zurich, IL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Lake Zurich, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lake Zurich, IL has a median income of about $121,236 for people who own homes. Based on that number, a person should spend a maximum of $2,829 on expenses related to housing. Renters have a slightly different median income, which is $51,528. Based on this average, renters should spend no more than $1,202 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

Illinois Income Tax

The Illinois sales tax and Illinois income tax rates should definitely be considered when determining the overall cost of living in Lake Zurich, IL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Illinois sales tax is 6.25% and the maximum surtax is 10.25%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Illinois income tax rates 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 Lake Zurich, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.