Cost Of Living in Hampshire, IL

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	Hampshire	Illinois	National
Cost of living	109	96	100
Goods & Services	89	97	100
Groceries	97	98	100
Health care	101	95	100
Housing	145	95	100
Transportation	110	103	100
Utilities	87	89	100

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Cost Of Living Quick Facts

The cost of living in Hampshire is 13% higher than the Illinois average
The cost of living in Hampshire is 9% higher than the national average
Hampshire housing is 45% 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

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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	$114,832	$9,569	$2,679	$3,445
Renters	$75,361	$6,280	$1,758	$2,261

The affordability of the housing market in Hampshire, IL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Hampshire homeowners, the median income is $114,832. This indicates that a monthly maximum of $2,679 should be spent by homeowners on all housing related costs. Renters have a median income of $75,361. This indicates that renters would have a maximum of $1,758 for their rent related monthly costs.

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	Hampshire	National avg.	Difference
Haircut	$19.94	$24.26	17.8%
Beauty Salon	$36.22	$45.56	20.5%
Toothpaste	$3.58	$3.70	3.2%
Shampoo	$1.27	$1.28	1.1%
Movie	$12.73	$12.13	4.9%
Bowling	$12.67	$18.00	29.6%

Groceries

Item	Hampshire	National avg.	Difference
Ground Beef	$5.72	$5.84	2.0%
Fried Chicken	$1.42	$1.57	9.9%
Milk	$4.63	$4.67	0.9%
Potatoes	$4.82	$4.93	2.3%
Pizza	$10.99	$12.09	9.1%
Beer	$9.56	$10.41	8.2%

Health Care

Item	Hampshire	National avg.	Difference
Optometrist	$79.67	$125.68	36.6%
Doctor	$158.33	$135.78	16.6%
Dentist	$110.16	$113.29	2.8%
Ibuprofen	$10.57	$10.65	0.8%
Lipitor	$460.30	$468.60	1.8%

Housing

Item	Hampshire	National avg.	Difference
Home Price	$255,800.00	$184,700.00	38.5%
Avg. Mortgage Payment	$1,465.09	$2,346.69	37.6%
Apartment Rent	$1,527.00	$949.00	60.9%

Transportation

Item	Hampshire	National avg.	Difference
Gasoline	$3.69	$3.46	6.7%
Tire Balancing	$70.28	$59.92	17.3%

Utilities

Item	Hampshire	National avg.	Difference
All Electricity	$147.39	$193.99	24.0%
Phone	$198.03	$192.25	3.0%

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.
Garden Prairie, IL	265	79	20.6%
Kingston, IL	1,183	92	8.4%
Marengo, IL	7,871	92	8.1%
Genoa, IL	5,092	92	7.6%
DeKalb, IL	42,961	93	7.2%
Hampshire, IL	5,909	109	9.1%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Progreso, TX	5,908	73	26.6%
Erwin, TN	5,910	90	9.8%
South Hooksett, NH	5,911	125	24.6%
Scituate, MA	5,905	172	72.0%
Tay Valley, ON	5,913	n/a
Hampshire, IL	5,909	109	9.1%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Hampshire, IL