A+
7%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
9%
Housing NAT. AVG.
Search Homes for Sale
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 Godfrey Illinois National
Cost of living9396100
Goods & Services9297100
Groceries9798100
Health care8995100
Housing9195100
Transportation94103100
Utilities10289100

An Overview of Cost of Living in Godfrey, IL

Are you thinking about relocating, but curious about the potential cost of living in Godfrey? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Godfrey stands at 93, making it 7% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Godfrey 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. Godfrey 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 Godfrey Affordable?

Is Godfrey 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 Godfrey is 16.2% lower than the national average, while the average monthly rent prices are 9% higher than average. The affordability of any location can also be influenced by median income levels. Godfrey has a median household income of $73,041, which is 32% higher than the national average.

What Factors can Influence the Cost of Living in Godfrey?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Godfrey, the utilities index is 1.7% higher 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 Godfrey, the transportation index is 6.5% lower than the national average.

Where is the Data From?

The Godfrey 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.

New Real Estate Listings in Godfrey Area
Search Homes for Sale in Godfrey, IL

Cost Of Living Quick Facts

  • The cost of living in Godfrey is 3% lower than the Illinois average
  • The cost of living in Godfrey is 7% lower than the national average
  • Godfrey housing is 9% 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 Godfrey

See all the best places to live around Godfrey

Compare Godfrey, IL Cost of Living

      vs
      How would you rate the cost of living in Godfrey?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Godfrey?
      Write a review to give others more information about this area.
      See all Godfrey poll results

      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$81,673$6,806$1,906$2,450
      Renters$45,089$3,757$1,052$1,353
      A good indicator of the general affordability of housing in Godfrey, 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 Godfrey, the median monthly income is $81,673 for those who own their own homes. Under the standard rule, that income level would allow for $1,906 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $45,089, per the median income in the area. That would allow for renters to spend up to $1,052 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 Godfrey National avg. Difference
      Haircut $21.19$24.2612.7%
      Beauty Salon $40.57$45.5611.0%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.11$1.2813.3%
      Movie $11.28$12.137.1%
      Bowling $16.92$18.006.0%

      Groceries

      Item Godfrey National avg. Difference
      Ground Beef $6.40$5.849.7%
      Fried Chicken $1.36$1.5713.3%
      Milk $4.50$4.673.7%
      Potatoes $5.28$4.936.9%
      Pizza $10.84$12.0910.3%
      Beer $9.47$10.419.1%

      Health Care

      Item Godfrey National avg. Difference
      Optometrist $125.72$125.680.0%
      Doctor $124.51$135.788.3%
      Dentist $100.78$113.2911.0%
      Ibuprofen $10.14$10.654.8%
      Lipitor $520.16$468.6011.0%

      Housing

      Item Godfrey National avg. Difference
      Home Price $154,800.00$184,700.0016.2%
      Avg. Mortgage Payment $1,737.43$2,346.6926.0%
      Apartment Rent $1,034.00$949.009.0%

      Transportation

      Item Godfrey National avg. Difference
      Gasoline $3.20$3.467.6%
      Tire Balancing $50.00$59.9216.6%

      Utilities

      Item Godfrey National avg. Difference
      All Electricity $133.84$193.9931.0%
      Phone $188.69$192.251.9%
      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.
      Champ, MO3945.9%
      Otterville, IL1957525.1%
      Royal Lakes, IL2827623.7%
      Kinloch, MO3377822.4%
      Fieldon, IL1537921.0%
      Godfrey, IL17,540936.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Marion, IL17,539918.7%
      Lithia Springs, GA17,545927.8%
      Bostonia, CA17,53213939.2%
      Wantagh, NY17,54816059.9%
      Manassas Park, VA17,54812525.2%
      Godfrey, IL17,540936.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.