North Riverside cost of living index

An overview of the general cost of living index for North Riverside, IL is displayed above for your reference. Residents in North Riverside, IL enjoy a cost of living index of 111. This index is 12% higher than the Illinois average, and 11% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in North Riverside, IL, the average cost of goods and services is 14% higher than it is in Illinois, and it is 15% higher than the national average.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in North Riverside, IL would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than North Riverside, IL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The North Riverside, IL salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in North Riverside, IL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In North Riverside, IL homeowners have a median income of $75,013. Using that number, you will come up with a maximum of $1,750 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $30,292, which means there is a maximum of $707 to be spent on the costs of renting a home or apartment.

Illinois Sales Tax

Illinois Income Tax

When assessing the complete cost of living in North Riverside, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 10.25%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

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 North Riverside, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.