D+
11%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
29%
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 Forest Park Illinois National
Cost of living11196100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing12995100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Forest Park, IL

The cost of living in Forest Park 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 Forest Park is 111, which is 11% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs significantly influence the Forest Park cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 28.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Forest Park Affordable?

Is Forest Park affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Forest Park, for instance, where the median home price falls 33.1% higher than the national average, and monthly rent rates are 19.1% higher than usual. Additionally, median income levels contribute to the equation, with Forest Park flaunting a median household income of $70,670, 27.7% higher than the national norm.

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

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 Forest Park, healthcare costs are 7.7% higher than the national average.

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 Forest Park, the housing index comes in at 28.9% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Where is the Data From?

The cost of living in Forest Park, 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 Forest Park is 16% higher than the Illinois average
  • The cost of living in Forest Park is 11% higher than the national average
  • Forest Park housing is 29% 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 Forest Park

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Compare Forest Park, IL Cost of Living

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      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$98,922$8,244$2,308$2,968
      Renters$50,256$4,188$1,173$1,508
      A good way to judge both the affordability of the housing and the cost of living in Forest Park is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Forest Park has a median income of about $98,922 for people who own homes. Based on that number, a maximum of $2,308 should be spent on expenses related to housing. Renters have a slightly different median income, which is $50,256. Based on this average, renters should spend no more than $1,173 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Forest 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 Forest 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 Forest 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 Forest Park National avg. Difference
      Home Price $245,900.00$184,700.0033.1%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,130.00$949.0019.1%

      Transportation

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

      Utilities

      Item Forest 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%
      Calumet Park, IL8,383945.6%
      Merrionette Park, IL1,973964.4%
      Blue Island, IL23,160964.4%
      Forest Park, IL13,80811111.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Havre de Grace, MD13,80811515.0%
      Bexley, OH13,80512222.4%
      Ewa Beach, HI13,80317574.6%
      Highland Park, NJ13,80313130.9%
      Matane, QC13,814n/a 
      Forest Park, IL13,80811111.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.