Lake Zurich, IL Cost Of Living

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Lake Zurich cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Lake Zurich	Illinois	National
Cost of living index	123	98	100
Index	Lake Zurich	Illinois	National
Goods & Services index	109	98	100
Groceries index	104	97	100
Health care index	100	100	100
Housing index	160	95	100
Transportation index	125	112	100
Utilities index	93	97	100

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 123, which is 25% higher than the Illinois average and 23% 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 12% higher than the average for Illinois and 9% higher than the rest of the country.

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The cost of living in Lake Zurich is 25% higher than the Illinois average.
The cost of living in Lake Zurich is 23% higher than the national average.
The cost of housing in Lake Zurich is 60% higher than the national average.
Illinois general sales tax is 23% higher than the national average.
Illinois state income tax is 123% higher than the national average.

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$121,236	$10,103	$2,829	$3,637
Renters	$51,528	$4,294	$1,202	$1,546

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

State	General Sales Tax	With Max Surtax
Illinois	6.25%	10.25%

Illinois Income Tax

State	Income Tax (Low)	Income Tax (High)
Illinois	4.95%	4.95%

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 4.95% to 4.95%.

Goods & Services

Item	Lake Zurich	National avg.	Difference
Haircut	$22.00	$17.49	25.8%
Beauty Salon	$69.77	$38.17	82.8%
Toothpaste	$2.69	$2.32	15.9%
Shampoo	$0.92	$1.01	9.1%
Movie	$14.86	$10.72	38.6%
Bowling	$19.00	$13.86	37.1%

Groceries

Item	Lake Zurich	National avg.	Difference
Ground Beef	$4.07	$3.90	4.4%
Fried Chicken	$1.74	$1.40	24.7%
Milk	$2.09	$1.96	6.5%
Potatoes	$3.74	$3.18	17.5%
Pizza	$10.00	$10.39	3.8%
Beer	$8.14	$9.23	11.8%

Health Care

Item	Lake Zurich	National avg.	Difference
Optometrist	$97.00	$106.34	8.8%
Doctor	$105.00	$115.25	8.9%
Dentist	$102.00	$98.38	3.7%
Ibuprofen	$9.95	$9.26	7.4%
Lipitor	$494.16	$466.47	5.9%

Housing

Item	Lake Zurich	National avg.	Difference
Home Price	$319,900.00	$184,700.00	73.2%
Avg. Mortgage Payment	$1,857.61	$1,273.32	45.9%
Apartment Rent	$1,216.00	$949.00	28.1%

Transportation

Item	Lake Zurich	National avg.	Difference
Gasoline	$3.42	$2.59	31.8%
Tire Balancing	$57.00	$48.90	16.6%

Utilities

Item	Lake Zurich	National avg.	Difference
All Electricity	$131.81	$167.60	21.4%
Phone	$200.46	$163.42	22.7%

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.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Park City, IL	7,402	86	-14%
Waukegan, IL	88,159	97	-3%
North Chicago, IL	30,023	98	-2%
McCullom Lake, IL	1,011	92	-8%
Fox Lake, IL	10,434	100	0%
Lake Zurich, IL	19,950	123	23%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Haslett, MI	19,951	94	-6%
Franconia, VA	19,935	140	40%
Warrensburg, MO	19,932	95	-5%
Louisville, CO	19,972	130	30%
Germantown, WI	19,927	103	3%
Lake Zurich, IL	19,950	123	23%

Source: The Lake Zurich, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Lake Zurich, IL Cost of Living