F
90%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
292%
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 Hinsdale Illinois National
Cost of living19096100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing39295100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Hinsdale, IL

Are you thinking about relocating, but curious about the potential cost of living in Hinsdale? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Hinsdale stands at 190, making it 90% higher 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.

If you value affordability in your search for a new place to live, Hinsdale may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Hinsdale falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in Hinsdale, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 291.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Hinsdale Affordable?

Is Hinsdale affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Hinsdale, the median home price is 377.9% higher than the national average and monthly rent prices are 91.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hinsdale boasting a median household income of $206,701, 273.6% higher than the national average.

What Factors can Influence the Cost of Living in Hinsdale?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Hinsdale, the housing index stands at 291.9% higher 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 Hinsdale, the transportation index stands at 7.2% higher than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Hinsdale, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 4.95%.

Where is the Data From?

The cost of living data in Hinsdale displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Hinsdale is 98% higher than the Illinois average
  • The cost of living in Hinsdale is 90% higher than the national average
  • Hinsdale housing is 292% 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 Hinsdale

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Compare Hinsdale, 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$231,728$19,311$5,407$6,953
      Renters$69,722$5,810$1,627$2,092
      The affordability of the housing market in Hinsdale, 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 Hinsdale homeowners, the median income is $231,728. This indicates that a monthly maximum of $5,407 should be spent by homeowners on all housing related costs. Renters have a median income of $69,722. This indicates that renters would have a maximum of $1,627 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 Hinsdale 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 Hinsdale 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 Hinsdale 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 Hinsdale National avg. Difference
      Home Price $882,700.00$184,700.00377.9%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,816.00$949.0091.4%

      Transportation

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

      Utilities

      Item Hinsdale 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%
      Dixmoor, IL3,5709010.2%
      Harvey, IL24,2959010.1%
      Hometown, IL4,216919.0%
      Robbins, IL5,068928.5%
      Hinsdale, IL17,36619090.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Oswego, NY17,3719010.0%
      L'Ancienne-Lorette, QC17,373n/a 
      Iselin, NJ17,35612928.8%
      Nederland, TX17,334963.9%
      Ada, OK17,3998416.4%
      Hinsdale, IL17,36619090.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.