Park Ridge, IL Cost Of Living

Park Ridge cost of living index

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.
Index	Park Ridge	Illinois	National
Cost of living index	135	99	100
Index	Park Ridge	Illinois	National
Goods & Services index	115	101	100
Groceries index	108	97	100
Health care index	101	101	100
Housing index	190	95	100
Transportation index	127	105	100
Utilities index	90	96	100

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.

Did you know?

The cost of living in Park Ridge is 36% higher than the Illinois average.
The cost of living in Park Ridge is 35% higher than the national average.
The cost of housing in Park Ridge is 90% higher 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.

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$106,975	$8,915	$2,496	$3,210
Renters	$56,023	$4,669	$1,307	$1,681

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

State	General Sales Tax	With Max Surtax
Illinois	6.25%	10.25%

Illinois Income Tax

State	Income Tax (Low)	Income Tax (High)
Illinois	3.75%	3.75%

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

Item	Park Ridge	National avg.	Difference
Haircut	$20.00	$16.09	24.3%
Beauty Salon	$69.87	$37.33	87.2%
Toothpaste	$2.80	$2.45	14.3%
Shampoo	$0.98	$1.00	1.7%
Movie	$13.72	$10.28	33.5%
Bowling	$8.00	$4.93	62.2%

Groceries

Item	Park Ridge	National avg.	Difference
Ground Beef	$4.33	$3.80	13.8%
Fried Chicken	$1.28	$1.40	8.1%
Milk	$1.95	$2.01	2.9%
Potatoes	$3.79	$3.01	26.0%
Pizza	$9.99	$9.89	1.1%
Beer	$8.49	$8.90	4.6%

Health Care

Item	Park Ridge	National avg.	Difference
Optometrist	$95.00	$102.16	7.0%
Doctor	$100.00	$108.36	7.7%
Dentist	$102.33	$92.53	10.6%
Ibuprofen	$9.87	$9.28	6.4%
Lipitor	$414.41	$425.82	2.7%

Housing

Item	Park Ridge	National avg.	Difference
Home Price	$397,400.00	$184,700.00	115.2%
Avg. Mortgage Payment	$1,785.17	$1,202.44	48.5%
Apartment Rent	$1,235.00	$949.00	30.1%

Transportation

Item	Park Ridge	National avg.	Difference
Gasoline	$2.93	$2.24	30.6%
Tire Balancing	$55.00	$46.29	18.8%

Utilities

Item	Park Ridge	National avg.	Difference
All Electricity	$130.69	$165.96	21.3%
Phone	$29.99	$28.68	4.6%

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, State	Population	Cost of Living Index	National Avg.
Cicero, IL	83,972	100	0%
Bellwood, IL	19,146	101	1%
Maywood, IL	24,029	102	2%
Stone Park, IL	4,936	102	2%
Broadview, IL	7,915	102	2%
Park Ridge, IL	37,567	135	35%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Spanish Fork, UT	37,565	101	1%
Spartanburg, SC	37,570	91	-9%
Delaware, OH	37,554	93	-7%
Egypt Lake-Leto, FL	37,589	94	-6%
Oviedo, FL	37,545	109	9%
Park Ridge, IL	37,567	135	35%

Source: The Park Ridge, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Park Ridge, IL Cost of Living