Illinois Cost Of Living Statistics


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Steve Goldstein
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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

When it comes to determining the affordability of living in a particular state, assessing the cost of living is crucial. This metric takes into account various factors such as housing, groceries, transportation, healthcare, and utilities to provide a comprehensive view of how much it costs to reside in a specific region. In the case of Illinois, understanding the cost of living is essential for both residents and those considering a move to the state.

One of the primary aspects where the cost of living in Illinois is often evaluated is housing. The cost of housing can have a significant impact on an individual’s or family’s monthly expenses, making it a key factor to consider when contemplating a move. In Illinois, housing prices can vary greatly depending on the city or neighborhood one chooses to live in. While certain areas may have more affordable housing options, others could be considerably pricier. Therefore, understanding the average cost of housing in Illinois can help individuals make informed decisions about where to reside within the state.

Aside from housing, groceries and utilities are also essential components of the overall cost of living in Illinois. The expenses associated with feeding oneself and maintaining a home can add up quickly, affecting a person’s budget significantly. Understanding the average costs of groceries and utilities in the state can help individuals plan their finances effectively and make informed choices about their spending habits.

Transportation is another factor that plays a vital role in determining the cost of living in Illinois. Whether one owns a car or relies on public transportation, the expenses associated with getting around can vary. Understanding the costs of transportation within Illinois can help individuals budget for this essential expenditure and make educated decisions about their means of commuting.

Healthcare costs are another significant aspect to consider when assessing the affordability of living in Illinois. From insurance premiums to medical services, healthcare expenses can add up quickly, affecting an individual or family’s overall budget. Understanding the average costs of healthcare in Illinois can help residents plan for medical expenses effectively and make informed decisions about their healthcare coverage.

In conclusion, understanding the cost of living in Illinois is crucial for individuals seeking to make informed decisions about their finances and where they choose to live. From housing to groceries, transportation, utilities, and healthcare, the various expenses that make up the cost of living in Illinois can have a substantial impact on an individual’s budget. By gaining a clear understanding of these costs, residents can effectively plan for their expenses, make informed decisions about their spending habits, and budget accordingly for a comfortable lifestyle in the state.

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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