Monee cost of living index

Displayed above is a general overview of the Monee, IL cost of living index. The overall cost of living index in Monee, IL is 93, which is 6% lower than the Illinois average and 7% 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 Monee, IL are 5% lower than the Illinois average and 4% lower than the national average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Monee, IL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Monee, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Monee, IL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Monee, IL as well as the overall cost of living can be indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Monee, IL homeowners, the median income is $68,914. This indicates that a monthly maximum of $1,608 should be spent by homeowners on all housing related costs. Renters have a median income of $0. This indicates that renters should have a maximum of $0 used for their rent related monthly costs.

Illinois Sales Tax

Illinois Income Tax

When considering the overall cost of living expenses in Monee, IL, it's important to take into account the sales tax for Illinois, as well as the rate for income tax in Illinois. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Illinois is 10.25%, and the sales tax in the state of Illinois is 6.25%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Illinois starts from 3.75% and goes up 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 Monee, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.