Illinois Cost Of Living Statistics


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Illinois Cost Of Living Statistics 2023: Facts about Cost Of Living in Illinois reflect the current socio-economic condition of the state.

illinois

LLCBuddy editorial team did hours of research, collected all important statistics on Illinois Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start an Illinois LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Illinois Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Illinois Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 9 Illinois Cost Of Living Statistics on this page 🙂

Illinois Cost Of Living “Latest” Statistics

  • The cost of goods and services is 3.2% more than the national average and 5.1% higher than the statewide average in the Chicago-Naperville-Elgin metro area, which is the most costly in the state.[1]
  • In the third quarter of 2021, Illinois had the ninth lowest cost of living in the U.S., according to the Missouri Economic Research and Information Center.[2]

Illinois Cost Of Living “Price” Statistics

  • Data from the Bureau of Economic Analysis show that state prices for goods and services are only 1.9% cheaper in Illinois compared to the national average.[1]

Illinois Cost Of Living “Living” Statistics

  • The typical Illinois worker, according to the Illinois Policy Institute, required a wage increase of $5,360 this past year to keep up with inflationary expenditures for goods, services, and living expenses.[3]
  • 4.95% Illinois unlike many other U.S. states levies its income tax at a single rate so all eligible earners living in Illinois pay the same rate regardless of income level.[2]

Illinois Cost Of Living “Other” Statistics

  • According to statistics from Insure.com, the average vehicle insurance premium in Illinois is $1,757 higher than the $1,517 nationwide average.[1]
  • In comparison to the 36.2% national average, 34% of occupied residences in Illinois are leased.[1]
  • Consumers spend nearly $7,000 dollars on food on average each year, according to the most recent BLS statistics.[4]
  • The EPI reports that the typical single adult in the state spends $9,239 on transportation each year.[1]

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How Useful is Illinois Cost of Living

One of the primary factors that significantly contribute to the cost of living in Illinois is housing. Whether you are looking to rent or buy a property, housing costs in Illinois can vary greatly depending on the location. Major cities like Chicago tend to have higher housing costs compared to smaller towns and rural areas. Additionally, property taxes in Illinois are known to be on the higher side, which can also impact overall housing expenses.

Another factor that influences the cost of living in Illinois is healthcare. Healthcare expenses can vary depending on the type of coverage one has and any potential medical needs. Access to quality healthcare services is crucial, and the overall cost of healthcare in Illinois plays a significant role in determining the overall cost of living for residents.

Transportation is another key aspect to consider when assessing the Illinois Cost of Living. The state has a well-developed transportation infrastructure, including highways, public transportation, and airports. However, vehicle expenses, such as gas prices, insurance, parking, and maintenance costs, can significantly impact one’s budget. Additionally, if commuting long distances for work or other purposes is necessary, transportation expenses can quickly add up.

Food and grocery costs are also part of the cost of living in Illinois. While the state offers a wide range of dining options and grocery stores, the cost of food can vary based on where you live and the quality of the products you prefer. Factors such as dietary restrictions, preferences for organic or locally sourced food, and the size of your household can all impact food and grocery expenses.

Other miscellaneous expenses, such as utilities, entertainment, and childcare, also contribute to the overall cost of living in Illinois. Utilities expenses, such as electricity, water, and heating, can vary depending on the size and location of your residence. Entertainment costs, such as dining out, movies, concerts, and recreational activities, can also vary based on personal preferences. Additionally, childcare expenses, for those with children, can be a significant portion of the overall cost of living.

In conclusion, while the Illinois Cost of Living is a useful metric to consider when evaluating where to live, it is essential to take into account individual circumstances and priorities. Factors such as housing, healthcare, transportation, food, and miscellaneous expenses all play a crucial role in determining the overall cost of living in Illinois. By carefully considering these factors and assessing how they align with your budget and lifestyle, you can make an informed decision about whether Illinois is a suitable place for you to call home.

Reference

  1. 247wallst – https://247wallst.com/state/cost-of-living-in-illinois/
  2. sofi – https://www.sofi.com/cost-of-living-in-illinois/
  3. illinoispolicy – https://www.illinoispolicy.org/press-releases/inflation-gives-illinoisans-a-2200-pay-cut/
  4. nerdwallet – https://www.nerdwallet.com/cost-of-living-calculator/compare/chicago-il-vs-new-york-manhattan-ny

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