B-
2%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
4%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Round Lake Beach Illinois National
Cost of living10296100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing9695100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Round Lake Beach, IL

Understanding the cost of living in Round Lake Beach can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Round Lake Beach cost of living index is 102, which is 2% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

In Round Lake Beach, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Round Lake Beach will resemble that of an average city, contributing to a manageable cost of living.

Is Round Lake Beach Affordable?

Wondering if Round Lake Beach 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 Round Lake Beach, for example, the median home price is 19.3% lower than what folks pay nationally, and monthly rent is 32.2% higher than the usual rates. Plus, income levels matter too, with Round Lake Beach boasting a median household income of $77,207, which is 39.6% higher than the national average.

What Factors can Influence the Cost of Living in Round Lake Beach?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including 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 offering fewer subsidies may experience a rise in their cost of living.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Round Lake Beach, the housing index comes in at 3.9% lower than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Where is the Data From?

The Round Lake Beach cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Round Lake Beach is 5% higher than the Illinois average
  • The cost of living in Round Lake Beach is 2% higher than the national average
  • Round Lake Beach housing is 4% lower than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 119% higher than the national average

Most Affordable Places to Live in and Around Round Lake Beach

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Compare Round Lake Beach, IL Cost of Living

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      Salary Calculator

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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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$89,931$7,494$2,098$2,698
      Renters$54,932$4,578$1,282$1,648
      To approximate the cost of living and the housing affordability in Round Lake Beach, IL, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Round Lake Beach have a median income of $89,931. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,098 per month to avoid calamity and poverty. The renters in the city have an income of about $54,932, which would make their monthly maximum allowable rental costs $1,282.

      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 4.95% 4.95%

      Goods & Services

      Item Round Lake Beach National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Round Lake Beach National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Round Lake Beach National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Round Lake Beach National avg. Difference
      Home Price $149,000.00$184,700.0019.3%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,255.00$949.0032.2%

      Transportation

      Item Round Lake Beach National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Round Lake Beach National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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 Population Cost of Living Index National Avg.
      Park City, IL7,6368415.8%
      Lake Ivanhoe, WI398955.5%
      North Chicago, IL29,967973.2%
      Round Lake Park, IL7,744972.8%
      Waukegan, IL87,157982.1%
      Round Lake Beach, IL27,3131021.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bixby, OK27,3151032.6%
      Citrus Park, FL27,33311110.9%
      Imperial Beach, CA27,33416161.4%
      Easton, PA27,274972.6%
      Lake Jackson, TX27,2691043.6%
      Round Lake Beach, IL27,3131021.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.