McHenry cost of living index

Displayed above is a general overview of the McHenry, IL cost of living index. The overall cost of living index in McHenry, IL is 96, which is 3% lower than the Illinois average and 4% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in McHenry, IL are 6% lower than the Illinois average and 5% lower than the national average.

Find Real Estate Listings In McHenry

New Real Estate Listings In McHenry

Real Estate Listings In McHenry

The best places in Illinois

Salary Calculator

The salary calculator allows you to compare how much your current salary in McHenry, IL would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than McHenry, IL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The McHenry, IL salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

One can approximate the cost of living and the housing affordability in McHenry, IL by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in McHenry, IL have a median income of $80,269. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,873 per month to avoid calamity and poverty. The renters in the city have an income of about $40,909, which would make their monthly maximum allowable rental costs $954.

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 McHenry, 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.

Nearby cities with low cost of living

Cities with similar population

Source: The McHenry, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.