C
7%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
37%
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 Huntley Illinois National
Cost of living10796100
Goods & Services8997100
Groceries9798100
Health care10195100
Housing13795100
Transportation110103100
Utilities8789100

An Overview of Cost of Living in Huntley, IL

Knowing the cost of living in Huntley 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 Huntley stands at 107, marking it 7% higher than the national average.

The cost of living in Huntley 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. Huntley 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.

Housing costs make up a big chunk of the cost of living in Huntley, 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 37.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Everyday essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in Huntley, these goods and services come in at 11.1% less than the national average. This means you can enjoy the things you need and love without breaking the bank. With such savings, you have the opportunity to allocate more funds towards your savings or other financial goals, ultimately enhancing your financial well-being.

Is Huntley Affordable?

Is Huntley 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 Huntley, for instance, where the median home price falls 38.7% higher than the national average, and monthly rent rates are 34.7% higher than usual. Additionally, median income levels contribute to the equation, with Huntley flaunting a median household income of $77,420, 39.9% higher than the national norm.

What Factors can Influence the Cost of Living in Huntley?

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.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Huntley, the groceries index is 3.3% lower than the national average.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Huntley, the housing index comes in at 37.5% higher than the national average.

Where is the Data From?

The cost of living in Huntley, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Huntley is 11% higher than the Illinois average
  • The cost of living in Huntley is 7% higher than the national average
  • Huntley housing is 37% 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 Huntley

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Compare Huntley, 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$80,827$6,736$1,886$2,425
      Renters$63,109$5,259$1,472$1,893
      The affordability of the housing market in Huntley, 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 Huntley homeowners, the median income is $80,827. This indicates that a monthly maximum of $1,886 should be spent by homeowners on all housing related costs. Renters have a median income of $63,109. This indicates that renters would have a maximum of $1,472 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 Huntley National avg. Difference
      Haircut $19.94$24.2617.8%
      Beauty Salon $36.22$45.5620.5%
      Toothpaste $3.58$3.703.2%
      Shampoo $1.27$1.281.1%
      Movie $12.73$12.134.9%
      Bowling $12.67$18.0029.6%

      Groceries

      Item Huntley National avg. Difference
      Ground Beef $5.72$5.842.0%
      Fried Chicken $1.42$1.579.9%
      Milk $4.63$4.670.9%
      Potatoes $4.82$4.932.3%
      Pizza $10.99$12.099.1%
      Beer $9.56$10.418.2%

      Health Care

      Item Huntley National avg. Difference
      Optometrist $79.67$125.6836.6%
      Doctor $158.33$135.7816.6%
      Dentist $110.16$113.292.8%
      Ibuprofen $10.57$10.650.8%
      Lipitor $460.30$468.601.8%

      Housing

      Item Huntley National avg. Difference
      Home Price $256,100.00$184,700.0038.7%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $1,278.00$949.0034.7%

      Transportation

      Item Huntley National avg. Difference
      Gasoline $3.69$3.466.7%
      Tire Balancing $70.28$59.9217.3%

      Utilities

      Item Huntley National avg. Difference
      All Electricity $147.39$193.9924.0%
      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.
      Garden Prairie, IL2657920.6%
      Marengo, IL7,871928.1%
      Genoa, IL5,092927.6%
      McCullom Lake, IL1,193937.1%
      Wonder Lake, IL3,955946.3%
      Huntley, IL27,4131076.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Oak Forest, IL27,4031044.4%
      Anderson, SC27,387918.6%
      Short Pump, VA27,38513232.1%
      Bergenfield, NJ27,37513938.6%
      Mililani Town, HI27,45918786.5%
      Huntley, IL27,4131076.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.