Metropolis cost of living index

Displayed above is a general overview of the Metropolis, IL cost of living index. The overall cost of living index in Metropolis, IL is 81, which is 18% lower than the Illinois average and 19% 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 Metropolis, IL are 4% lower than the Illinois average and 3% lower than the national average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Metropolis, IL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Metropolis, IL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Metropolis, IL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Metropolis, IL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Metropolis, IL homeowners have a median income of $42,167. Using that number, you will come up with a maximum of $984 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $17,250, which means there is a maximum of $402 to be spent on the costs of renting a home or apartment.

Illinois Sales Tax

Illinois Income Tax

One thing to keep in mind when considering the cost of living in Metropolis, IL is the Illinois sales tax and Illinois income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Illinois sales tax rate is 6.25% and the maximum surtax that can be charged is 10.25%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% 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 Metropolis, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.