A+
18%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
46%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Mount Vernon Illinois National
Cost of living8296100
Goods & Services9297100
Groceries9798100
Health care8995100
Housing5495100
Transportation94103100
Utilities10289100

An Overview of Cost of Living in Mount Vernon, IL

Are you thinking about relocating, but curious about the potential cost of living in Mount Vernon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mount Vernon stands at 82, making it 18% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Mount Vernon housing costs are 46.4% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Mount Vernon residents can earmark a more manageable portion of their income to housing.

Is Mount Vernon Affordable?

Is Mount Vernon affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Mount Vernon, for instance, where the median home price falls 57.2% lower than the national average, and monthly rent rates are 21.1% lower than usual. Additionally, median income levels contribute to the equation, with Mount Vernon flaunting a median household income of $42,194, 23.7% lower than the national norm.

What Factors can Influence the Cost of Living in Mount Vernon?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Mount Vernon, the housing index stands at 46.4% lower than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Mount Vernon, the general sales tax rate starts at 6.25%, and income tax rates begin at 4.95%.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Where is the Data From?

The Mount Vernon cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

New Real Estate Listings in Mount Vernon Area
Search Homes for Sale in Mount Vernon, IL

Cost Of Living Quick Facts

  • The cost of living in Mount Vernon is 15% lower than the Illinois average
  • The cost of living in Mount Vernon is 18% lower than the national average
  • Mount Vernon housing is 46% lower than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 91% higher than the national average

Most Affordable Places to Live in and Around Mount Vernon

See all the best places to live around Mount Vernon

Compare Mount Vernon, IL Cost of Living

      vs
      How would you rate the cost of living in Mount Vernon?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Mount Vernon?
      Write a review to give others more information about this area.
      See all Mount Vernon poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$56,221$4,685$1,312$1,687
      Renters$29,729$2,477$694$892
      The affordability of the housing market in Mount Vernon, IL as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Mount Vernon homeowners, the median income is $56,221. This indicates that a monthly maximum of $1,312 should be spent by homeowners on all housing related costs. Renters have a median income of $29,729. This indicates that renters would have a maximum of $694 for their rent related monthly costs.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Mount Vernon National avg. Difference
      Haircut $21.19$24.2612.7%
      Beauty Salon $40.57$45.5611.0%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.11$1.2813.3%
      Movie $11.28$12.137.1%
      Bowling $16.92$18.006.0%

      Groceries

      Item Mount Vernon National avg. Difference
      Ground Beef $6.40$5.849.7%
      Fried Chicken $1.36$1.5713.3%
      Milk $4.50$4.673.7%
      Potatoes $5.28$4.936.9%
      Pizza $10.84$12.0910.3%
      Beer $9.47$10.419.1%

      Health Care

      Item Mount Vernon National avg. Difference
      Optometrist $125.72$125.680.0%
      Doctor $124.51$135.788.3%
      Dentist $100.78$113.2911.0%
      Ibuprofen $10.14$10.654.8%
      Lipitor $520.16$468.6011.0%

      Housing

      Item Mount Vernon National avg. Difference
      Home Price $79,000.00$184,700.0057.2%
      Avg. Mortgage Payment $1,737.43$2,346.6926.0%
      Apartment Rent $749.00$949.0021.1%

      Transportation

      Item Mount Vernon National avg. Difference
      Gasoline $3.20$3.467.6%
      Tire Balancing $50.00$59.9216.6%

      Utilities

      Item Mount Vernon National avg. Difference
      All Electricity $133.84$193.9931.0%
      Phone $188.69$192.251.9%
      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

      City Population Cost of Living Index National Avg.
      Keenes, IL531000.1%
      Walnut Hill, IL1127426.0%
      Kell, IL1427425.7%
      Wamac, IL1,2227624.1%
      Radom, IL1367723.5%
      Mount Vernon, IL14,7698218.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Gloversville, NY14,7718812.4%
      South Farmingdale, NY14,76614645.7%
      Hobe Sound, FL14,7641043.6%
      Sterling, IL14,7748217.6%
      Whitewater, WI14,7621011.0%
      Mount Vernon, IL14,7698218.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.