Oak Forest cost of living index

Here we can see a simple outline of the cost of living in Oak Forest, IL. As you can see, with the average cost of living in Oak Forest, IL being 98, that puts it equal to the average of Illinois and 2% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Oak Forest, IL, the price of goods and services are 5% lower than the average of Illinois as well as 4% lower than the nation's average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Oak Forest, IL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Oak Forest, IL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Oak Forest, IL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

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 Oak Forest, 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 Oak Forest, IL homeowners have a median income of $83,930. Using that number, you will come up with a maximum of $1,958 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $39,911, which means there is a maximum of $931 to be spent on the costs of renting a home or apartment.

Illinois Sales Tax

Illinois Income Tax

When considering the overall cost of living expenses in Oak Forest, IL, it's important to take into account the sales tax for Illinois, as well as the rate for income tax in Illinois. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Illinois is 10.25%, and the sales tax in the state of Illinois is 6.25%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Illinois starts from 3.75% and goes up 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 Oak Forest, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.