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 Elmwood Park Illinois National
Cost of living11496100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing13995100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Elmwood Park, IL

Understanding the cost of living in Elmwood Park 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 Elmwood Park cost of living index is 114, which is 14% higher 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.

When it comes to the cost of living in Elmwood Park, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 39% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Elmwood Park Affordable?

Is Elmwood Park 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 Elmwood Park, the median home price is 44.8% higher than the national average and monthly rent prices are 25.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Elmwood Park boasting a median household income of $63,312, 14.4% higher than the national average.

What Factors can Influence the Cost of Living in Elmwood Park?

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 Elmwood Park, the groceries index is 3.5% higher than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Elmwood Park, healthcare costs are 7.7% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Elmwood Park, the transportation index stands at 7.2% higher than the national average.

Where is the Data From?

The Elmwood Park 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates 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 Elmwood Park is 19% higher than the Illinois average
  • The cost of living in Elmwood Park is 14% higher than the national average
  • Elmwood Park 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 Elmwood Park

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Compare Elmwood Park, 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$82,802$6,900$1,932$2,484
      Renters$39,834$3,320$929$1,195
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Elmwood Park, IL, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Elmwood Park, homeowners have a median income of $82,802. Using that number, a maximum of $1,932 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $39,834, which means there is a maximum of $929 to be spent on the costs of renting a home or apartment.

      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 Elmwood Park 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 Elmwood Park 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 Elmwood Park 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 Elmwood Park National avg. Difference
      Home Price $267,500.00$184,700.0044.8%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,191.00$949.0025.5%

      Transportation

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

      Utilities

      Item Elmwood Park 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%
      Hometown, IL4,216919.0%
      Maywood, IL23,3511000.0%
      Bellwood, IL18,7991011.0%
      Broadview, IL7,6771011.1%
      Elmwood Park, IL24,27411414.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Seal Beach, CA24,26814444.2%
      Bridgeton, NJ24,264945.9%
      San Benito, TX24,2597327.0%
      Harvey, IL24,2959010.1%
      Okemos, MI24,2951065.6%
      Elmwood Park, IL24,27411414.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.