An Overview of Cost of Living in Palos Hills, IL
Are you thinking about relocating, but curious about the potential cost of living in Palos Hills? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Palos Hills stands at 106, making it 6% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Everyday expenditures like food, housing, goods and services, transportation and health care in Palos Hills are priced in a manner consistent with other areas. This means that residents of Palos Hills can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is Palos Hills Affordable?
Is Palos Hills an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Palos Hills is 11.3% higher than the national average, while the average monthly rent prices are 13.1% higher than average. The affordability of any location can also be influenced by median income levels. Palos Hills has a median household income of $64,364, which is 16.3% higher than the national average.
What Factors can Influence the Cost of Living in Palos Hills?
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Palos Hills, the transportation index is 7.2% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Palos Hills, healthcare costs are 7.7% higher than the national average.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Palos Hills, the groceries index is 3.5% higher than the national average.
Where is the Data From?
The Palos Hills cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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