B-
1%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
5%
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 Chicago Ridge Illinois National
Cost of living10196100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing9595100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Chicago Ridge, IL

The cost of living in Chicago Ridge 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 Chicago Ridge is 101, which is 1% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Chicago Ridge aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Chicago Ridge residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Chicago Ridge Affordable?

Is Chicago Ridge an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Chicago Ridge is 8.4% lower than the national average, while the average monthly rent prices are 2.5% higher than average. The affordability of any location can also be influenced by median income levels. Chicago Ridge has a median household income of $51,555, which is 6.8% lower than the national average.

What Factors can Influence the Cost of Living in Chicago Ridge?

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.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Chicago Ridge, the utilities index registers at 10.8% lower than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Chicago Ridge, the transportation index is 7.2% higher than the national average.

Where is the Data From?

The cost of living in Chicago Ridge, 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 Chicago Ridge is 5% higher than the Illinois average
  • The cost of living in Chicago Ridge is 1% higher than the national average
  • Chicago Ridge housing is 5% lower 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 Chicago Ridge

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Compare Chicago Ridge, 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$78,097$6,508$1,822$2,343
      Renters$33,155$2,763$774$995
      A good indicator of the general affordability of housing in Chicago Ridge, 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 Chicago Ridge, the median monthly income is $78,097 for those who own their own homes. Under the standard rule, that income level would allow for $1,822 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $33,155, per the median income in the area. That would allow for renters to spend up to $774 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 Chicago Ridge 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 Chicago Ridge 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 Chicago Ridge 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 Chicago Ridge National avg. Difference
      Home Price $169,200.00$184,700.008.4%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $973.00$949.002.5%

      Transportation

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

      Utilities

      Item Chicago Ridge 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%
      Ford Heights, IL2,7058614.2%
      Phoenix, IL1,4028812.0%
      Dixmoor, IL3,5709010.2%
      Harvey, IL24,2959010.1%
      Chicago Ridge, IL14,0281011.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lewisville, NC14,0301033.1%
      Artondale, WA14,02415352.7%
      Grand Falls-Windsor, NL14,032n/a 
      Gardendale, AL14,021991.2%
      Cahokia, IL14,0358019.9%
      Chicago Ridge, IL14,0281011.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.