F
40%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
125%
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 Barrington Illinois National
Cost of living14096100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing22595100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Barrington, IL

The cost of living in Barrington affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Barrington is 140, which is 40% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you're in pursuit of an economical living environment, Barrington may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Barrington falls within this bracket.

Housing costs are a major factor in the Barrington cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 124.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Barrington Affordable?

Is Barrington 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 Barrington, the median home price is 157.5% higher than what most folks pay across the country, and monthly rent prices are 48.4% higher than the usual rates. Income levels in Barrington come in at $112,794, which is 103.9% higher than the national average.

What Factors can Influence the Cost of Living in Barrington?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Barrington, the general sales tax rate starts at 6.25%, and income tax rates begin at 4.95%.

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 Barrington, is 124.8% higher than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Barrington, the utilities index registers 10.8% lower than the national average.

Where is the Data From?

The cost of living data in Barrington displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Barrington is 46% higher than the Illinois average
  • The cost of living in Barrington is 40% higher than the national average
  • Barrington housing is 125% 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 Barrington

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Compare Barrington, IL Cost of Living

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      Salary Calculator

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      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$150,491$12,541$3,511$4,515
      Renters$59,135$4,928$1,380$1,774
      To approximate the cost of living and the housing affordability in Barrington, IL, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Barrington have a median income of $150,491. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,511 per month to avoid calamity and poverty. The renters in the city have an income of about $59,135, which would make their monthly maximum allowable rental costs $1,380.

      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 Barrington 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 Barrington 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 Barrington 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 Barrington National avg. Difference
      Home Price $475,600.00$184,700.00157.5%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,408.00$949.0048.4%

      Transportation

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

      Utilities

      Item Barrington 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.
      Park City, IL7,6368415.8%
      North Chicago, IL29,967973.2%
      Round Lake Park, IL7,744972.8%
      Waukegan, IL87,157982.1%
      McCullom Lake, IL1,193937.1%
      Barrington, IL10,44214040.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bellefontaine Neighbors, MO10,4418217.6%
      Budd Lake, NJ10,44412120.6%
      Mount Sinai, NY10,44615252.4%
      Elizabethtown-Kitley, ON10,437n/a 
      Ponoka County, AB10,437n/a 
      Barrington, IL10,44214040.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.