Cost of Living in DeKalb, IL

An Overview of Cost of Living in DeKalb, IL

Understanding the cost of living in DeKalb can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The DeKalb cost of living index is 93, which is 7% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Everyday expenditures like food, housing, goods and services, transportation and health care in DeKalb are priced in a manner consistent with other areas. This means that residents of DeKalb can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in DeKalb, these essential goods and services are priced 11.1% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.

What Do Locals Say About the Cost of Living in DeKalb?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 5 locals to understand their opinions on the cost of living in DeKalb. The results indicated that 80% found it reasonably priced with decreasing prices of goods and services, while 20% viewed it as quite expensive, with increasing prices.

Is DeKalb Affordable?

Is DeKalb 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 DeKalb, the median home price is 10.4% lower than what most folks pay across the country, and monthly rent prices are 6.3% lower than the usual rates. Income levels in DeKalb come in at $44,223, which is 20.1% lower than the national average.

What Factors can Influence the Cost of Living in DeKalb?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In DeKalb, the groceries index is 3.3% lower than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In DeKalb, the transportation index is 9.7% higher than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in DeKalb starts at 6.25% and the income tax rates start at 4.95%.

Where is the Data From?

The cost of living in DeKalb, 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.