F
30%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
91%
Housing NAT. AVG.
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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 Oak Park Illinois National
Cost of living13096100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing19195100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Oak Park, IL

Understanding the cost of living in Oak Park can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Oak Park cost of living index is 130, which is 30% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Oak Park is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Oak Park falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Oak Park, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 91.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Oak Park?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 21 locals to understand their opinions on the cost of living in Oak Park. The results indicated that 5% found it reasonably priced with decreasing prices of goods and services, while 95% viewed it as quite expensive, with increasing prices.

Is Oak Park Affordable?

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 118.3% higher than the national average and monthly rent prices are 27.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Oak Park boasting a median household income of $96,945, 75.2% higher than the national average.

What Factors can Influence the Cost of Living in Oak Park?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Oak Park starts at 6.25% and the income tax rates start 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.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Oak Park, the transportation index stands at 7.2% higher than the national average.

Where is the Data From?

The cost of living in Oak Park, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Oak Park is 35% higher than the Illinois average
  • The cost of living in Oak Park is 30% higher than the national average
  • Oak Park housing is 91% higher 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 Oak Park

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Compare Oak Park, IL Cost of Living

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      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$140,262$11,689$3,273$4,208
      Renters$54,733$4,561$1,277$1,642
      To approximate the cost of living and the housing affordability in Oak Park, IL, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Oak Park have a median income of $140,262. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,273 per month to avoid calamity and poverty. The renters in the city have an income of about $54,733, which would make their monthly maximum allowable rental costs $1,277.

      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 Oak Park National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Oak Park National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Oak Park National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Oak Park National avg. Difference
      Home Price $403,200.00$184,700.00118.3%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,213.00$949.0027.8%

      Transportation

      Item Oak Park National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Oak Park National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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.
      Hodgkins, IL1,7538514.6%
      Hometown, IL4,216919.0%
      Merrionette Park, IL1,973964.4%
      Maywood, IL23,3511000.0%
      Bellwood, IL18,7991011.0%
      Oak Park, IL52,10213030.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bentonville, AR52,0701077.2%
      Placentia, CA52,04916969.3%
      Queen Creek, AZ52,16213434.3%
      Whitchurch-Stouffville, ON52,025n/a 
      Mascouche, QC52,212n/a 
      Oak Park, IL52,10213030.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.