D+
12%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
33%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Addison Illinois National
Cost of living11296100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing13395100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Addison, IL

Knowing the cost of living in Addison allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Addison stands at 112, marking it 12% higher than the national average.

Housing costs are a very significant part of the Addison cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 32.6% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Addison Affordable?

Is Addison an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Addison, the median home price is 40.2% higher than what most folks pay across the country, and monthly rent prices are 14.8% higher than the usual rates. Income levels in Addison come in at $68,534, which is 23.9% higher than the national average.

What Factors can Influence the Cost of Living in Addison?

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Addison, the groceries index is 3.5% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Addison, is 32.6% higher than the national average.

Where is the Data From?

The Addison cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Addison is 17% higher than the Illinois average
  • The cost of living in Addison is 12% higher than the national average
  • Addison housing is 33% higher than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 91% higher than the national average

Most Affordable Places to Live in and Around Addison

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Compare Addison, IL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$91,736$7,645$2,140$2,752
      Renters$33,864$2,822$790$1,016
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Addison, IL, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Addison, homeowners have a median income of $91,736. Using that number, a maximum of $2,140 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $33,864, which means there is a maximum of $790 to be spent on the costs of renting a home or apartment.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Addison National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Addison National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Addison National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Addison National avg. Difference
      Home Price $259,000.00$184,700.0040.2%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,089.00$949.0014.8%

      Transportation

      Item Addison National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Addison National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Hodgkins, IL1,7538514.6%
      Hometown, IL4,216919.0%
      Maywood, IL23,3511000.0%
      Bellwood, IL18,7991011.0%
      Broadview, IL7,6771011.1%
      Addison, IL36,71411212.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      University, FL36,7091010.8%
      New Albany, IN36,730928.3%
      Texarkana, TX36,733928.3%
      Waxahachie, TX36,7351076.6%
      Campbell River, BC36,740n/a 
      Addison, IL36,71411212.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.