| Index | Park Ridge | Illinois | National |
| Cost of living | 136 | 98 | 100 |
| Groceries | 99 | 100 | 100 |
| Health care | 98 | 100 | 100 |
| Housing | 218 | 95 | 100 |
| Transportation | 101 | 101 | 100 |
| Utilities | 98 | 99 | 100 |
| Lifestyle & Entertainment | 102 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 103 | 100 | 100 |
Knowing the cost of living in Park Ridge allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Park Ridge stands at 136, marking it 36% higher than the national average.
If you value affordability in your search for a new place to live, Park Ridge may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Park Ridge falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a very significant part of the Park Ridge cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 118.5% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
The most insightful perspective on a city comes from its residents. We recently surveyed 5 locals to gauge their perception of the cost of living in Park Ridge. The feedback revealed that 40% of respondents found the cost of living to be reasonable, with prices on the decline, while 60% regarded it as notably expensive with prices that continue to rise.
Wondering if Park Ridge is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Park Ridge, for example, the median home price is 150.4% higher than what folks pay nationally, and monthly rent is 44% higher than the usual rates. Plus, income levels matter too, with Park Ridge boasting a median household income of $169,426, which is 108.3% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Park Ridge, the healthcare costs are 1.8% lower than the national average.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Park Ridge, the groceries index is 0.6% lower than the national average.
The Park Ridge cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $194,502 | $16,209 | $4,538 | $5,836 |
| Renters | $96,688 | $8,057 | $2,256 | $2,901 |
| State | General Sales Tax | With Max Surtax |
| Illinois | 6.25% | 10.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Illinois | 4.95% | 4.95% |
| City | Population | Cost of Living Index | National Avg. |
| Maywood, IL | 23,986 | 96 | 3.6% |
| Broadview, IL | 7,841 | 99 | 0.9% |
| Bellwood, IL | 19,287 | 99 | 1.0% |
| Cicero, IL | 84,320 | 100 | 0.3% |
| Berkeley, IL | 5,266 | 100 | 0.2% |
| Park Ridge, IL | 38,854 | 136 | 35.8% |
| City | Population | Cost of Living Index | National Avg. |
| Navarre, FL | 38,864 | 115 | 14.6% |
| Reynoldsburg, OH | 38,884 | 97 | 3.2% |
| Longview, WA | 38,884 | 108 | 8.3% |
| Atlantic City, NJ | 38,810 | 104 | 4.2% |
| Spartanburg, SC | 38,808 | 92 | 8.2% |
| Park Ridge, IL | 38,854 | 136 | 35.8% |
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