F
25%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
80%
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 Geneva Illinois National
Cost of living12596100
Goods & Services10697100
Groceries9798100
Health care9895100
Housing18095100
Transportation114103100
Utilities8089100

An Overview of Cost of Living in Geneva, IL

Knowing the cost of living in Geneva 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 Geneva stands at 125, marking it 25% higher than the national average.

If you're in pursuit of an economical living environment, Geneva may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Geneva falls within this bracket.

Housing costs significantly influence the Geneva 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 80.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

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

The most insightful perspective on a city comes from its residents. We recently surveyed 7 locals to gauge their perception of the cost of living in Geneva. The feedback revealed that 43% of respondents found the cost of living to be reasonable, with prices on the decline, while 57% regarded it as notably expensive with prices that continue to rise.

Is Geneva Affordable?

Wondering if Geneva is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Geneva, for example, the median home price is 86% higher than what folks pay nationally, and monthly rent is 67.5% higher than the usual rates. Plus, income levels matter too, with Geneva boasting a median household income of $116,083, which is 109.8% higher than the national average.

What Factors can Influence the Cost of Living in Geneva?

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 Geneva, healthcare costs are 2.3% lower 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 Geneva, the transportation index stands at 13.6% higher than the national average.

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.

Where is the Data From?

The Geneva 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 Geneva is 30% higher than the Illinois average
  • The cost of living in Geneva is 25% higher than the national average
  • Geneva housing is 80% 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 Geneva

See all the best places to live around Geneva

Compare Geneva, 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$131,538$10,962$3,069$3,947
      Renters$67,475$5,623$1,574$2,024
      A good way to judge both the affordability of the housing and the cost of living in Geneva 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. Geneva has a median income of about $131,538 for people who own homes. Based on that number, a maximum of $3,069 should be spent on expenses related to housing. Renters have a slightly different median income, which is $67,475. Based on this average, renters should spend no more than $1,574 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 Geneva 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 Geneva 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 Geneva 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 Geneva National avg. Difference
      Home Price $343,500.00$184,700.0086.0%
      Avg. Mortgage Payment $1,316.57$2,346.6943.9%
      Apartment Rent $1,590.00$949.0067.5%

      Transportation

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

      Utilities

      Item Geneva 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.
      Plano, IL11,0581033.3%
      Elgin, IL112,0621055.3%
      Aurora, IL199,3261055.2%
      Burlington, IL5141000.1%
      Boulder Hill, IL9,0811065.5%
      Geneva, IL21,84312525.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Darien, IL21,84312323.3%
      Linda, CA21,84211514.6%
      Shelbyville, TN21,841909.7%
      Rose Hill, VA21,84615151.1%
      Lexington, SC21,8471032.8%
      Geneva, IL21,84312525.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.