D-
14%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
39%
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 Carol Stream Illinois National
Cost of living11496100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing13995100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Carol Stream, IL

Knowing the cost of living in Carol Stream 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 Carol Stream stands at 114, marking it 14% higher than the national average.

Housing costs significantly influence the Carol Stream cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 38.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Carol Stream Affordable?

Is Carol Stream affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Carol Stream, the median home price is 39.6% higher than the national average and monthly rent prices are 36% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Carol Stream boasting a median household income of $89,820, 62.4% higher than the national average.

What Factors can Influence the Cost of Living in Carol Stream?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Carol Stream, the housing index is 38.5% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The Carol Stream 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Carol Stream is 19% higher than the Illinois average
  • The cost of living in Carol Stream is 14% higher than the national average
  • Carol Stream housing is 39% 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 Carol Stream

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Compare Carol Stream, IL Cost of Living

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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$105,785$8,815$2,468$3,174
      Renters$60,827$5,069$1,419$1,825
      A good way to judge both the affordability of the housing and the cost of living in Carol Stream is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Carol Stream has a median income of about $105,785 for people who own homes. Based on that number, a maximum of $2,468 should be spent on expenses related to housing. Renters have a slightly different median income, which is $60,827. Based on this average, renters should spend no more than $1,419 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Carol Stream 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 Carol Stream 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 Carol Stream 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 Carol Stream National avg. Difference
      Home Price $257,800.00$184,700.0039.6%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,291.00$949.0036.0%

      Transportation

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

      Utilities

      Item Carol Stream 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%
      Maywood, IL23,3511000.0%
      Bellwood, IL18,7991011.0%
      Broadview, IL7,6771011.1%
      Stone Park, IL4,8421022.2%
      Carol Stream, IL39,44711414.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Los Banos, CA39,44312525.2%
      Plant City, FL39,437982.3%
      Meadow Woods, FL39,42411110.7%
      Lake Oswego, OR39,47616767.4%
      Keizer, OR39,40811818.3%
      Carol Stream, IL39,44711414.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.