Cost Of Living in Lakewood, IL

Get 300+ Local Insights for Any Address in Lakewood, IL

Get Access to 300+ Local Data Points

F

36%

Overall NAT. AVG.

1%

Groceries NAT. AVG.

119%

Housing NAT. AVG.

Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.

The cost of living index is based on a national average of 100. For example, if the cost of living score is 90, then the estimated cost of living is 10% lower than the national average. If the score is 110, then the estimated cost of living is 10% higher than average. The overall index is calculated using weighted estimates across major everyday expense categories, including housing (30%), groceries (16%), transportation (12%), healthcare (10%), utilities (8%), lifestyle and entertainment (8%), household expenses (8%), and education and childcare (8%). All values are AI-assisted city-level estimates designed for directional comparisons.
Index	Lakewood	Illinois	National
Cost of living	136	98	100
Groceries	101	100	100
Health care	101	100	100
Housing	219	95	100
Transportation	100	101	100
Utilities	99	99	100
Lifestyle & Entertainment	99	100	100
Household Items	102	100	100
Education & Childcare	100	100	100

Does this Area Fit Your Budget?

Know the community before you call it home
Compare multiple areas side by side
Access over 300 data points for any address

GET REPORT →

Homes For Sale In Lakewood, IL

700 Broadway Ave

Crystal Lake, IL

5270 Greenshire Cir

Lake in the Hills, IL

7819 Loch Glen Dr

Village of Lakewood, IL

8875 Belfield Rd

Village of Lakewood, IL

Cost Of Living Quick Facts

The cost of living in Lakewood is 38% higher than the Illinois average
The cost of living in Lakewood is 36% higher than the national average
Lakewood housing is 119% higher than the national average
Illinois general sales tax is 22% higher than the national average
Illinois state income tax is 91% higher than the national average

Most Affordable Places to Live in and Around Lakewood

See all the best places to live around Lakewood

Compare Lakewood, IL Cost of Living

Write a review to give others more information about this area.

See all Lakewood poll results

The best places in Illinois

Here are the best places to live in Illinois

These are the 10 cheapest cities in Illinois

Most Dangerous Cities In The US

These are the largest cities in Illinois

Salary Calculator

This is how much you would need to earn in

Price difference in compared to

Cost of living index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Lifestyle index
Household index
Educare index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$226,626	$18,886	$5,288	$6,799
Renters	$119,615	$9,968	$2,791	$3,589

The affordability of the housing market in Lakewood, IL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lakewood homeowners, the median income is $226,626. This indicates that a monthly maximum of $5,288 should be spent by homeowners on all housing related costs. Renters have a median income of $119,615. This indicates that renters would have a maximum of $2,791 for their rent related monthly costs.

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%

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Harvard, IL	9,547	94	5.8%
Chemung, IL	762	95	4.9%
Marengo, IL	8,096	97	3.1%
McCullom Lake, IL	1,222	97	2.5%
Union, IL	699	99	1.2%
Lakewood, IL	4,146	136	36.0%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Rosewood Heights, IL	4,146	88	11.6%
Fredericktown, MO	4,146	85	15.5%
Paintsville, KY	4,145	91	9.0%
McLoud, OK	4,147	88	12.1%
San Joaquin, CA	4,144	112	11.7%
Lakewood, IL	4,146	136	36.0%