F
38%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
119%
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 Lincolnwood Illinois National
Cost of living13896100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing21995100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Lincolnwood, IL

The cost of living in Lincolnwood affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Lincolnwood is 138, which is 38% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you're in pursuit of an economical living environment, Lincolnwood may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Lincolnwood falls within this bracket.

Housing costs significantly influence the Lincolnwood cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 119.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Lincolnwood Affordable?

Is Lincolnwood 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 Lincolnwood, for instance, where the median home price falls 113.8% higher than the national average, and monthly rent rates are 131.3% higher than usual. Additionally, median income levels contribute to the equation, with Lincolnwood flaunting a median household income of $90,422, 63.4% higher than the national norm.

What Factors can Influence the Cost of Living in Lincolnwood?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Lincolnwood, the utilities index stands at 10.8% lower 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 Lincolnwood, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 4.95%.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Lincolnwood, the healthcare costs are 7.7% higher than the national average.

Where is the Data From?

The cost of living data in Lincolnwood 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 Lincolnwood Area
Search Homes for Sale in Lincolnwood, IL

Cost Of Living Quick Facts

  • The cost of living in Lincolnwood is 44% higher than the Illinois average
  • The cost of living in Lincolnwood is 38% higher than the national average
  • Lincolnwood housing is 119% 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 Lincolnwood

See all the best places to live around Lincolnwood

Compare Lincolnwood, IL Cost of Living

      vs
      How would you rate the cost of living in Lincolnwood?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Lincolnwood?
      Write a review to give others more information about this area.
      See all Lincolnwood 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$95,543$7,962$2,229$2,867
      Renters$69,464$5,789$1,621$2,084
      A good indicator of the general affordability of housing in Lincolnwood, 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 Lincolnwood, the median monthly income is $95,543 for those who own their own homes. Under the standard rule, that income level would allow for $2,229 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $69,464, per the median income in the area. That would allow for renters to spend up to $1,621 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 Lincolnwood 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 Lincolnwood 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 Lincolnwood 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 Lincolnwood National avg. Difference
      Home Price $394,900.00$184,700.00113.8%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $2,195.00$949.00131.3%

      Transportation

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

      Utilities

      Item Lincolnwood 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.
      Maywood, IL23,3511000.0%
      Bellwood, IL18,7991011.0%
      Broadview, IL7,6771011.1%
      Cicero, IL81,4711021.6%
      Stone Park, IL4,8421022.2%
      Lincolnwood, IL12,33813838.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Streator, IL12,3378613.8%
      Goldenrod, FL12,3411087.9%
      Gulfport, FL12,3341032.9%
      Terrace, BC12,342n/a 
      New Baltimore, MI12,3331054.6%
      Lincolnwood, IL12,33813838.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.