D+
11%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
34%
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 Lockport Illinois National
Cost of living11196100
Goods & Services10697100
Groceries9798100
Health care9895100
Housing13495100
Transportation114103100
Utilities8089100

An Overview of Cost of Living in Lockport, IL

The cost of living in Lockport 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 Lockport is 111, which is 11% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs are a very significant part of the Lockport cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 34.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Lockport Affordable?

Is Lockport an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Lockport, the median home price is 32.6% higher than what most folks pay across the country, and monthly rent prices are 37.5% higher than the usual rates. Income levels in Lockport come in at $87,817, which is 58.7% higher than the national average.

What Factors can Influence the Cost of Living in Lockport?

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Lockport, the baseline sales tax rate begins at 6.25%, and income tax rates start at 4.95%.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Lockport, the transportation index is 13.6% higher than the national average.

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 Lockport, the housing index stands at 34.1% higher than the national average.

Where is the Data From?

The cost of living data in Lockport 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 Lockport is 16% higher than the Illinois average
  • The cost of living in Lockport is 11% higher than the national average
  • Lockport housing is 34% 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 Lockport

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Compare Lockport, 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$98,975$8,248$2,309$2,970
      Renters$41,892$3,491$977$1,257
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lockport, IL, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Lockport homeowners, is $98,975. This would allow for a maximum of $2,309 per month to be spent on housing costs. For renters, the median monthly income is $41,892 which would result in a maximum of $977 to be spent on rental 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 Lockport National avg. Difference
      Haircut $19.72$24.2618.7%
      Beauty Salon $37.22$45.5618.3%
      Toothpaste $3.72$3.700.6%
      Shampoo $1.32$1.283.3%
      Movie $9.99$12.1317.7%
      Bowling $16.00$18.0011.1%

      Groceries

      Item Lockport National avg. Difference
      Ground Beef $5.94$5.841.8%
      Fried Chicken $1.39$1.5711.8%
      Milk $4.55$4.672.5%
      Potatoes $5.08$4.933.0%
      Pizza $10.69$12.0911.6%
      Beer $9.61$10.417.7%

      Health Care

      Item Lockport National avg. Difference
      Optometrist $86.67$125.6831.0%
      Doctor $110.00$135.7819.0%
      Dentist $82.00$113.2927.6%
      Ibuprofen $10.17$10.654.5%
      Lipitor $511.00$468.609.0%

      Housing

      Item Lockport National avg. Difference
      Home Price $244,900.00$184,700.0032.6%
      Avg. Mortgage Payment $1,316.57$2,346.6943.9%
      Apartment Rent $1,305.00$949.0037.5%

      Transportation

      Item Lockport National avg. Difference
      Gasoline $3.52$3.461.7%
      Tire Balancing $45.00$59.9224.9%

      Utilities

      Item Lockport National avg. Difference
      All Electricity $156.87$193.9919.1%
      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.
      Hodgkins, IL1,7538514.6%
      Preston Heights, IL2,529936.5%
      Ingalls Park, IL3,022946.5%
      Fairmont, IL2,690954.6%
      Rockdale, IL2,416963.8%
      Lockport, IL25,49911111.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Starkville, MS25,4958910.8%
      South Pasadena, CA25,478225124.8%
      Coral Terrace, FL25,52912727.2%
      McDonough, GA25,572990.5%
      Cliffside Park, NJ25,41014949.5%
      Lockport, IL25,49911111.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.