Illinois Cost Of Living Statistics 2023
– Everything You Need to Know

Last Updated on by | Reviewed by Editorial Staff

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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.

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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]

Also Read

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

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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