Mount Zion cost of living index

A general summary of the cost of living index in Mount Zion, IL is shown above. Compared to the state average of Illinois the cost of living index in Mount Zion, IL is 87, which is 12% lower than the average in Illinois and compared to the national average it is 13% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Mount Zion, IL goods and services come in at 7% lower than the average in Illinois and are 6% lower than compared to the nationwide average.

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Salary Calculator

Use the salary calculator to compare your current salary in Mount Zion, IL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Mount Zion, IL, then you would need to earn more income in order to maintain the same standard of living. To use the Mount Zion, IL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Mount Zion, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Mount Zion, IL has a median income of about $84,896 for people who own homes. Based on that number, a person should spend a maximum of $1,981 on expenses related to housing. Renters have a slightly different median income, which is $34,702. Based on this average, renters should spend no more than $810 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

Illinois Income Tax

One thing to keep in mind when considering the cost of living in Mount Zion, 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 Mount Zion, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.