| Index | Prospect Heights | Illinois | National |
| Cost of living | 115 | 98 | 100 |
| Groceries | 97 | 100 | 100 |
| Health care | 97 | 100 | 100 |
| Housing | 152 | 95 | 100 |
| Transportation | 100 | 101 | 100 |
| Utilities | 99 | 99 | 100 |
| Lifestyle & Entertainment | 98 | 100 | 100 |
| Household Items | 99 | 100 | 100 |
| Education & Childcare | 102 | 100 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Prospect Heights? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Prospect Heights stands at 115, making it 15% 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.
Housing costs are a very significant part of the Prospect Heights 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 52.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Prospect Heights affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Prospect Heights, the median home price is 65.7% higher than the national average and monthly rent prices are 20.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Prospect Heights boasting a median household income of $106,899, 31.4% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Prospect Heights, the groceries index is 2.6% lower than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Prospect Heights, healthcare costs are 2.7% lower than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
The Prospect Heights cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical 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 | $120,997 | $10,083 | $2,823 | $3,630 |
| Renters | $75,636 | $6,303 | $1,765 | $2,269 |
| 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. |
| North Chicago, IL | 30,865 | 95 | 5.0% |
| Berkeley, IL | 5,266 | 100 | 0.2% |
| Stone Park, IL | 4,997 | 100 | 0.4% |
| Northlake, IL | 12,696 | 102 | 1.7% |
| Melrose Park, IL | 26,171 | 102 | 2.0% |
| Prospect Heights, IL | 16,432 | 115 | 14.7% |
| City | Population | Cost of Living Index | National Avg. |
| Albemarle, NC | 16,433 | 91 | 9.4% |
| Sayville, NY | 16,433 | 148 | 48.0% |
| Cherryland, CA | 16,430 | 160 | 60.4% |
| Crawfordsville, IN | 16,427 | 85 | 14.8% |
| Walnut Park, CA | 16,426 | 143 | 43.2% |
| Prospect Heights, IL | 16,432 | 115 | 14.7% |
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