C+
5%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
7%
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 Carpentersville Illinois National
Cost of living10596100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing10795100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Carpentersville, IL

Knowing the cost of living in Carpentersville 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 Carpentersville stands at 105, marking it 5% higher than the national average.

The cost of living in Carpentersville closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Carpentersville can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Carpentersville Affordable?

Wondering if Carpentersville is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Carpentersville, for example, the median home price is 4.3% lower than what folks pay nationally, and monthly rent is 33.8% higher than the usual rates. Plus, income levels matter too, with Carpentersville boasting a median household income of $73,105, which is 32.1% higher than the national average.

What Factors can Influence the Cost of Living in Carpentersville?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Carpentersville, the housing index comes in at 7.2% 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 Carpentersville, the utilities index registers 10.8% lower than the national average.

Where is the Data From?

The cost of living in Carpentersville, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Carpentersville is 9% higher than the Illinois average
  • The cost of living in Carpentersville is 5% higher than the national average
  • Carpentersville housing is 7% 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 Carpentersville

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Compare Carpentersville, 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$84,047$7,004$1,961$2,522
      Renters$49,589$4,132$1,157$1,488
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Carpentersville, IL, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Carpentersville homeowners, is $84,047. This would allow for a maximum of $1,961 per month to be spent on housing costs. For renters, the median monthly income is $49,589 which would result in a maximum of $1,157 to be spent on rental costs.

      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 Carpentersville 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 Carpentersville 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 Carpentersville 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 Carpentersville National avg. Difference
      Home Price $176,800.00$184,700.004.3%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,270.00$949.0033.8%

      Transportation

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

      Utilities

      Item Carpentersville 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.
      Union, IL680945.8%
      Woodstock, IL25,391954.6%
      Hainesville, IL3,5951054.9%
      Elgin, IL112,0621055.3%
      Holiday Hills, IL6531066.0%
      Carpentersville, IL37,6181054.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Menomonee Falls, WI37,61111211.5%
      Monrovia, CA37,63617676.0%
      Rock Island, IL37,6518812.3%
      Valley Stream, NY37,48915049.8%
      Clinton, MD37,76512828.4%
      Carpentersville, IL37,6181054.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.