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.

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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]

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How Useful is Illinois Cost of Living

In some areas of Illinois, the cost of living can be quite high. Cities such as Chicago and its surrounding suburbs are known for having expensive housing markets, particularly in desirable neighborhoods. The cost of groceries, entertainment, and transportation can also be higher in urban areas compared to rural regions. This can put a strain on families, young professionals, and retirees who may find themselves struggling to make ends meet despite having a steady income.

On the flip side, there are also regions in Illinois where the cost of living is more manageable. Rural areas in the southern part of the state, for example, may offer more affordable housing options and lower overall expenses. Residents in these regions may find that their salaries go further and that they are able to live comfortably without the same financial stress that their city-dwelling counterparts may experience.

One of the key benefits of living in Illinois, regardless of the cost of living, is the range of amenities and opportunities available to residents. The state is home to world-class cultural institutions, renowned universities, and thriving business sectors. Residents can take advantage of recreational activities like hiking, boating, or skiing, depending on where they live in the diverse state.

Additionally, Illinois offers a variety of healthcare options, making it easier for residents to access quality medical care when needed. Whether you live in a bustling city or a quiet town, you can typically find a range of healthcare providers and facilities nearby to meet your needs.

When it comes to evaluating the usefulness of Illinois’ cost of living, it ultimately comes down to individual circumstances and priorities. For some, the higher expenses associated with living in certain parts of the state may be worth it for the job opportunities, cultural experiences, and amenities available. For others, choosing to reside in a more affordable region may allow for a better work-life balance and financial stability.

It is important for individuals and families considering a move to Illinois to carefully assess their budget, lifestyle preferences, and career goals before making a decision about where to settle down. By taking these factors into account, residents can determine how the cost of living in Illinois will impact their overall quality of life and make an informed choice about where 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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