In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Here we can see a simple outline of the cost of living in Park City, IL. As you can see, with the average cost of living in Park City, IL being 88, that puts it 10% lower than the average of Illinois and 12% 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 Park City, IL, the price of goods and services are 14% higher than the average of Illinois as well as 15% higher than the nation's average.
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The cost of living in Park City is 10% lower than the Illinois average.
The cost of living in Park City is 12% lower than the national average.
The cost of housing in Park City is 64% lower than the national average.
Illinois general sales tax is 23% higher than the national average.
Illinois state income tax is 69% higher than the national average.
Compare Park City, IL Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current income in Park City, IL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Park City, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Park City, IL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
The affordability of the housing market in Park City, IL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Park City, IL homeowners, the median income is $44,929. This indicates that a monthly maximum of $1,048 should be spent by homeowners on all housing related costs. Renters have a median income of $35,735. This indicates that renters should have a maximum of $834 used for their rent related monthly costs.
Illinois Sales Tax
General Sales Tax
With Max Surtax
Illinois Income Tax
Income Tax (Low)
Income Tax (High)
The Illinois sales tax and Illinois income tax rates should definitely be considered when determining the overall cost of living in Park City, IL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Illinois sales tax is 6.25% and the maximum surtax is 10.25%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Illinois income tax rates range from 3.75% to 3.75%.
Goods & Services
Avg. Mortgage Payment
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.