| Index | Oak Park | Illinois | National |
| Cost of living | 127 | 98 | 100 |
| Groceries | 101 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 193 | 95 | 100 |
| Transportation | 102 | 101 | 100 |
| Utilities | 96 | 99 | 100 |
| Lifestyle & Entertainment | 96 | 100 | 100 |
| Household Items | 98 | 100 | 100 |
| Education & Childcare | 94 | 100 | 100 |
Knowing the cost of living in Oak Park 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 Oak Park stands at 127, marking it 27% higher than the national average.
If you prioritize affordability when seeking a new place to live, Oak Park may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Oak Park falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Oak Park, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 93.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The most insightful perspective on a city comes from its residents. We recently surveyed 21 locals to gauge their perception of the cost of living in Oak Park. The feedback revealed that 5% of respondents found the cost of living to be reasonable, with prices on the decline, while 95% regarded it as notably expensive with prices that continue to rise.
Is Oak Park affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Oak Park, the median home price is 122.5% higher than the national average and monthly rent prices are 25.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Oak Park boasting a median household income of $145,438, 78.8% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Oak Park, the housing index is 93.4% higher than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Oak Park, healthcare costs are 1% lower than the national average.
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.
The Oak Park 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 | $205,276 | $17,106 | $4,789 | $6,159 |
| Renters | $82,171 | $6,848 | $1,917 | $2,465 |
| 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. |
| Hodgkins, IL | 1,817 | 83 | 16.9% |
| Hometown, IL | 4,350 | 89 | 11.2% |
| Merrionette Park, IL | 2,017 | 93 | 6.6% |
| Maywood, IL | 23,986 | 96 | 3.6% |
| Chicago Ridge, IL | 14,340 | 99 | 1.3% |
| Oak Park, IL | 53,295 | 127 | 27.1% |
| City | Population | Cost of Living Index | National Avg. |
| Brandon, MB | 53,334 | n/a | |
| Kentwood, MI | 53,236 | 96 | 4.3% |
| Levittown, NY | 53,191 | 144 | 44.0% |
| Bentonville, AR | 53,401 | 104 | 4.5% |
| Perth Amboy, NJ | 53,480 | 122 | 22.1% |
| Oak Park, IL | 53,295 | 127 | 27.1% |
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