| Index | Montgomery | Illinois | National |
| Cost of living | 109 | 98 | 100 |
| Groceries | 97 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 132 | 95 | 100 |
| Transportation | 103 | 101 | 100 |
| Utilities | 102 | 99 | 100 |
| Lifestyle & Entertainment | 96 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 96 | 100 | 100 |
Understanding the cost of living in Montgomery can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Montgomery cost of living index is 109, which is 9% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
The cost of living in Montgomery aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, household expenses, health care and utility bills are priced at a level consistent with the average in similar urban areas. Montgomery residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
Housing costs make up a big chunk of the cost of living in Montgomery, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 31.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Montgomery an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Montgomery, the median home price is 23.8% higher than what most folks pay across the country, and monthly rent prices are 50.8% higher than the usual rates. Income levels in Montgomery come in at $145,914, which is 79.4% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Montgomery, healthcare costs are 0.7% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Montgomery, the utilities index registers at 1.6% higher than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
The Montgomery cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $148,743 | $12,395 | $3,470 | $4,463 |
| Renters | $145,365 | $12,114 | $3,392 | $4,361 |
| State | General Sales Tax | With Max Surtax |
| Illinois | 6.25% | 10.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Illinois | 4.95% | 4.95% |
| City | Population | Cost of Living Index | National Avg. |
| Rockdale, IL | 2,487 | 95 | 4.9% |
| Newark, IL | 1,376 | 98 | 2.3% |
| Millington, IL | 679 | 98 | 1.8% |
| Sandwich, IL | 7,547 | 99 | 1.0% |
| Crest Hill, IL | 20,983 | 101 | 0.7% |
| Montgomery, IL | 20,189 | 109 | 8.9% |
| City | Population | Cost of Living Index | National Avg. |
| Kirkland, QC | 20,189 | n/a | |
| West Hempstead, NY | 20,191 | 151 | 50.8% |
| North Bay Shore, NY | 20,198 | 130 | 29.6% |
| Seymour, IN | 20,201 | 89 | 10.6% |
| Central Falls, RI | 20,175 | 103 | 3.0% |
| Montgomery, IL | 20,189 | 109 | 8.9% |
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