| Index | Summit | Illinois | National |
| Cost of living | 100 | 98 | 100 |
| Groceries | 101 | 100 | 100 |
| Health care | 98 | 100 | 100 |
| Housing | 99 | 95 | 100 |
| Transportation | 103 | 101 | 100 |
| Utilities | 100 | 99 | 100 |
| Lifestyle & Entertainment | 100 | 100 | 100 |
| Household Items | 102 | 100 | 100 |
| Education & Childcare | 100 | 100 | 100 |
Knowing the cost of living in Summit 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 Summit stands at 100, marking it 0% equal to the national average.
The cost of living in Summit is about average when compared to all other cities across the nation. You can expect that everyday items like food, household expenses and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.
Is Summit an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Summit, the median home price is 0.4% higher than what most folks pay across the country, and monthly rent prices are 6% lower than the usual rates. Income levels in Summit come in at $70,603, which is 13.2% lower than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Summit, the housing index stands at 1.5% lower than the national average.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Summit, the transportation index is 3.3% 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 Summit, the healthcare costs are 2.3% lower than the national average.
The Summit 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 | $101,510 | $8,459 | $2,368 | $3,046 |
| Renters | $54,945 | $4,579 | $1,282 | $1,649 |
| 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. |
| Hodgkins, IL | 1,817 | 83 | 16.9% |
| Phoenix, IL | 1,450 | 85 | 14.6% |
| Dixmoor, IL | 3,663 | 87 | 12.6% |
| Harvey, IL | 24,931 | 87 | 13.2% |
| Hometown, IL | 4,350 | 89 | 11.2% |
| Summit, IL | 11,472 | 100 | 0.1% |
| City | Population | Cost of Living Index | National Avg. |
| Grand Rapids, MN | 11,472 | 95 | 4.9% |
| Lincolnton, NC | 11,470 | 95 | 5.3% |
| Forest, VA | 11,470 | 110 | 9.9% |
| La Homa, TX | 11,475 | 82 | 17.6% |
| Lanham, MD | 11,468 | 128 | 28.2% |
| Summit, IL | 11,472 | 100 | 0.1% |
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