C+
12%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
38%
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 Channahon Illinois National
Cost of living11296100
Goods & Services10697100
Groceries9798100
Health care9895100
Housing13895100
Transportation114103100
Utilities8089100

An Overview of Cost of Living in Channahon, IL

Knowing the cost of living in Channahon 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 Channahon stands at 112, marking it 12% higher than the national average.

Housing costs make up a big chunk of the cost of living in Channahon, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 37.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Channahon Affordable?

Is Channahon 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 Channahon, the median home price is 27.9% higher than the national average and monthly rent prices are 60% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Channahon boasting a median household income of $99,429, 79.7% higher than the national average.

What Factors can Influence the Cost of Living in Channahon?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Channahon, the transportation index is 13.6% higher than the national average.

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 Channahon, the groceries index is 2.7% lower than the national average.

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 Channahon, is 37.5% higher than the national average.

Where is the Data From?

The Channahon cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 Channahon is 17% higher than the Illinois average
  • The cost of living in Channahon is 12% higher than the national average
  • Channahon housing is 38% 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 Channahon

See all the best places to live around Channahon

Compare Channahon, 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$105,667$8,806$2,465$3,170
      Renters$80,938$6,745$1,888$2,428
      A good indicator of the general affordability of housing in Channahon, IL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Channahon, the median monthly income is $105,667 for those who own their own homes. Under the standard rule, that income level would allow for $2,465 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $80,938, per the median income in the area. That would allow for renters to spend up to $1,888 on monthly rental expenses.

      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 Channahon National avg. Difference
      Haircut $19.72$24.2618.7%
      Beauty Salon $37.22$45.5618.3%
      Toothpaste $3.72$3.700.6%
      Shampoo $1.32$1.283.3%
      Movie $9.99$12.1317.7%
      Bowling $16.00$18.0011.1%

      Groceries

      Item Channahon National avg. Difference
      Ground Beef $5.94$5.841.8%
      Fried Chicken $1.39$1.5711.8%
      Milk $4.55$4.672.5%
      Potatoes $5.08$4.933.0%
      Pizza $10.69$12.0911.6%
      Beer $9.61$10.417.7%

      Health Care

      Item Channahon National avg. Difference
      Optometrist $86.67$125.6831.0%
      Doctor $110.00$135.7819.0%
      Dentist $82.00$113.2927.6%
      Ibuprofen $10.17$10.654.5%
      Lipitor $511.00$468.609.0%

      Housing

      Item Channahon National avg. Difference
      Home Price $236,300.00$184,700.0027.9%
      Avg. Mortgage Payment $1,316.57$2,346.6943.9%
      Apartment Rent $1,518.00$949.0060.0%

      Transportation

      Item Channahon National avg. Difference
      Gasoline $3.52$3.461.7%
      Tire Balancing $45.00$59.9224.9%

      Utilities

      Item Channahon National avg. Difference
      All Electricity $156.87$193.9919.1%
      Phone $198.03$192.253.0%
      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.
      Wilmington village, IL1448020.0%
      Verona, IL259918.8%
      Godley, IL691918.6%
      Preston Heights, IL2,529936.5%
      Ingalls Park, IL3,022946.5%
      Channahon, IL13,28111212.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Colchester, Subd. C, NS13,273n/a 
      Huron, SD13,2898317.1%
      Superior, CO13,29215858.1%
      Rendon, TX13,29411313.2%
      Conway, FL13,26611010.5%
      Channahon, IL13,28111212.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.