F
27%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
81%
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 Lake Zurich Illinois National
Cost of living12796100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing18195100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Lake Zurich, IL

Knowing the cost of living in Lake Zurich 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 Lake Zurich stands at 127, marking it 27% higher than the national average.

The cost of living in Lake Zurich is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Lake Zurich falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Lake Zurich cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 80.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Lake Zurich Affordable?

Is Lake Zurich 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 Lake Zurich, the median home price is 85.1% higher than the national average and monthly rent prices are 70.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lake Zurich boasting a median household income of $113,467, 105.1% higher than the national average.

What Factors can Influence the Cost of Living in Lake Zurich?

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 Lake Zurich, the utilities index is 10.8% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Lake Zurich, healthcare costs are 7.7% 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 Lake Zurich, the groceries index is 3.5% higher than the national average.

Where is the Data From?

The cost of living data in Lake Zurich 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.

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

Cost Of Living Quick Facts

  • The cost of living in Lake Zurich is 32% higher than the Illinois average
  • The cost of living in Lake Zurich is 27% higher than the national average
  • Lake Zurich housing is 81% 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 Lake Zurich

See all the best places to live around Lake Zurich

Compare Lake Zurich, IL Cost of Living

      vs
      How would you rate the cost of living in Lake Zurich?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Lake Zurich?
      Write a review to give others more information about this area.
      See all Lake Zurich 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$127,535$10,628$2,976$3,826
      Renters$55,063$4,589$1,285$1,652
      A good way to judge both the affordability of the housing and the cost of living in Lake Zurich is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lake Zurich has a median income of about $127,535 for people who own homes. Based on that number, a maximum of $2,976 should be spent on expenses related to housing. Renters have a slightly different median income, which is $55,063. Based on this average, renters should spend no more than $1,285 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Lake Zurich 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 Lake Zurich 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 Lake Zurich 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 Lake Zurich National avg. Difference
      Home Price $341,900.00$184,700.0085.1%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,618.00$949.0070.5%

      Transportation

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

      Utilities

      Item Lake Zurich 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.
      Park City, IL7,6368415.8%
      North Chicago, IL29,967973.2%
      Round Lake Park, IL7,744972.8%
      Waukegan, IL87,157982.1%
      McCullom Lake, IL1,193937.1%
      Lake Zurich, IL19,91212726.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Sand Springs, OK19,912909.7%
      Eastchester, NY19,91116766.8%
      Parma Heights, OH19,9168910.9%
      Ennis, TX19,917972.6%
      Fort Mill, SC19,92011414.4%
      Lake Zurich, IL19,91212726.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.