| Index | Mount Prospect | Illinois | National |
| Cost of living | 119 | 98 | 100 |
| Groceries | 99 | 100 | 100 |
| Health care | 100 | 100 | 100 |
| Housing | 163 | 95 | 100 |
| Transportation | 101 | 101 | 100 |
| Utilities | 101 | 99 | 100 |
| Lifestyle & Entertainment | 102 | 100 | 100 |
| Household Items | 102 | 100 | 100 |
| Education & Childcare | 101 | 100 | 100 |
Knowing the cost of living in Mount Prospect allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Mount Prospect stands at 119, marking it 19% higher than the national average.
When it comes to the cost of living in Mount Prospect, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 62.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Mount Prospect an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Mount Prospect is 80.2% higher than the national average, while the average monthly rent prices are 22% higher than average. The affordability of any location can also be influenced by median income levels. Mount Prospect has a median household income of $123,286, which is 51.6% higher than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Mount Prospect, the transportation index is 0.9% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Mount Prospect, the groceries index is 0.6% lower than the national average.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday household expenses like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Mount Prospect starts at 6.25% and the income tax rates start at 4.95%.
The Mount Prospect cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as 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 | $158,763 | $13,230 | $3,704 | $4,763 |
| Renters | $80,202 | $6,684 | $1,871 | $2,406 |
| 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. |
| Maywood, IL | 23,986 | 96 | 3.6% |
| Broadview, IL | 7,841 | 99 | 0.9% |
| Bellwood, IL | 19,287 | 99 | 1.0% |
| Berkeley, IL | 5,266 | 100 | 0.2% |
| Stone Park, IL | 4,997 | 100 | 0.4% |
| Mount Prospect, IL | 55,996 | 119 | 19.3% |
| City | Population | Cost of Living Index | National Avg. |
| Colton, CA | 55,956 | 127 | 27.0% |
| Anderson, IN | 56,057 | 84 | 16.4% |
| Grapevine, TX | 56,072 | 123 | 23.3% |
| Tigard, OR | 55,910 | 135 | 35.1% |
| Westchester, FL | 55,883 | 125 | 25.2% |
| Mount Prospect, IL | 55,996 | 119 | 19.3% |
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