A+
18%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
46%
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 Granite City Illinois National
Cost of living8296100
Goods & Services9297100
Groceries9798100
Health care8995100
Housing5495100
Transportation94103100
Utilities10289100

An Overview of Cost of Living in Granite City, IL

Knowing the cost of living in Granite City 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 Granite City stands at 82, marking it 18% lower than the national average.

Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Granite City stands out by reporting housing costs that are 45.9% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Granite City can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.

Is Granite City Affordable?

Is Granite City 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 Granite City, for instance, where the median home price falls 55% lower than the national average, and monthly rent rates are 24.6% lower than usual. Additionally, median income levels contribute to the equation, with Granite City flaunting a median household income of $53,545, 3.2% lower than the national norm.

What Factors can Influence the Cost of Living in Granite City?

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Granite City comes in at 1.7% higher than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Granite City, the groceries index is 3.1% lower than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The Granite City 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 Granite City Area
Search Homes for Sale in Granite City, IL

Cost Of Living Quick Facts

  • The cost of living in Granite City is 15% lower than the Illinois average
  • The cost of living in Granite City is 18% lower than the national average
  • Granite City housing is 46% 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 Granite City

See all the best places to live around Granite City

Compare Granite City, IL Cost of Living

      vs
      How would you rate the cost of living in Granite City?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Granite City?
      Write a review to give others more information about this area.
      See all Granite City 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$64,640$5,387$1,508$1,939
      Renters$26,227$2,186$612$787
      A good indicator of the general affordability of housing in Granite City, 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 Granite City, the median monthly income is $64,640 for those who own their own homes. Under the standard rule, that income level would allow for $1,508 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $26,227, per the median income in the area. That would allow for renters to spend up to $612 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 Granite City 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 Granite City 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 Granite City 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 Granite City National avg. Difference
      Home Price $83,100.00$184,700.0055.0%
      Avg. Mortgage Payment $1,737.43$2,346.6926.0%
      Apartment Rent $716.00$949.0024.6%

      Transportation

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

      Utilities

      Item Granite City 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.
      Brooklyn, IL4287327.0%
      East St. Louis, IL26,3597723.4%
      East Carondelet, IL3177723.2%
      Alorton, IL2,0777723.2%
      Centreville, IL4,9467722.9%
      Granite City, IL28,5638217.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Schererville, IN28,5591099.1%
      Northampton, MA28,55212524.6%
      Monterey, CA28,57519291.8%
      Burton, MI28,5988911.0%
      West Springfield Town, MA28,52711010.4%
      Granite City, IL28,5638217.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.