Park Ridge cost of living index

A general overview of the cost of living index for Park Ridge, IL is displayed above. In Park Ridge, IL, the overall cost of living index is 135, which is 36% higher than the Illinois average and 35% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Park Ridge, IL, the city's goods and services are 14% higher than the Illinois average and 15% higher than the U.S. average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Park Ridge, IL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Park Ridge, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Park Ridge, IL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

If you want to find a good determining factor for the cost of living and the general affordability of housing in Park Ridge, IL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Park Ridge, IL, the median monthly income is $106,975 for those who own their own homes. Under the standard rule, that income level would allow for $2,496 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $56,023, per the median income in the area. That would allow for renters to spend up to $1,307 on monthly rental expenses.

Illinois Sales Tax

Illinois Income Tax

For those who live in Park Ridge, IL and want to know what the true cost of living is, they ought to look at both the Illinois income tax rate and the Illinois sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Illinois, the sales tax is 6.25%, while the most you'll pay in surtax is 10.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Illinois, the income tax rate ranges between 3.75% 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 Park Ridge, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.