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

Illinois is home to both bustling urban areas like Chicago and quiet rural communities throughout the state. Each of these regions offers a unique cost of living experience. In Chicago, for example, housing prices can be relatively high compared to other parts of the state. However, residents benefit from a wide range of amenities, cultural attractions, and job opportunities that can offset the higher cost of living.

On the other hand, rural areas in Illinois may offer lower housing costs but could come with less access to certain goods and services. In these areas, residents may need to travel further to get to work, school, or healthcare providers, which could add additional expenses to their overall cost of living.

When looking at the cost of living in Illinois as a whole, it’s clear that there are pros and cons to living in different regions of the state. For some, the urban lifestyle of Chicago may be worth the higher cost of living for the convenience and cultural experiences it offers. For others, the affordability of rural areas may be more appealing, despite the potential trade-offs in terms of access to services and amenities.

One of the factors that can influence the cost of living in Illinois is taxes. Like most states, Illinois has a sales tax, income tax, and property tax that can impact residents in various ways. Understanding how these taxes might affect your overall cost of living is important when deciding where to live in the state.

It’s worth noting that the cost of living in Illinois can vary significantly depending on your personal circumstances. Factors such as family size, income level, job location, and lifestyle choices can all play a role in how expensive it is to live in the state. Planning ahead and budgeting for these costs can help you make the most of your living situation in Illinois.

In conclusion, the cost of living in Illinois is a complex and multifaceted issue. While there are both advantages and disadvantages to living in different regions of the state, it ultimately comes down to personal preference and individual circumstances. Understanding the factors that influence your cost of living can help you make informed decisions about where to live and how to manage your expenses. Whether you choose the urban lifestyle of Chicago or the quiet countryside of rural Illinois, being prepared and informed is key to making the most of your living situation 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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