A+
11%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
21%
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 Machesney Park Illinois National
Cost of living8996100
Goods & Services8997100
Groceries9798100
Health care10195100
Housing7995100
Transportation110103100
Utilities8789100

An Overview of Cost of Living in Machesney Park, IL

Knowing the cost of living in Machesney Park 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 Machesney Park stands at 89, marking it 11% lower than the national average.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Machesney Park, these goods are 11.1% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

Is Machesney Park Affordable?

Is Machesney Park 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 Machesney Park, the median home price is 30.7% lower than what most folks pay across the country, and monthly rent prices are 2.3% higher than the usual rates. Income levels in Machesney Park come in at $64,263, which is 16.2% higher than the national average.

What Factors can Influence the Cost of Living in Machesney Park?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Machesney Park, the transportation index is 9.7% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Machesney Park, is 20.8% lower than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Machesney Park, the groceries index is 3.3% lower than the national average.

Where is the Data From?

The Machesney Park cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Machesney Park is 7% lower than the Illinois average
  • The cost of living in Machesney Park is 11% lower than the national average
  • Machesney Park housing is 21% lower 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 Machesney Park

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Compare Machesney Park, 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$74,035$6,170$1,727$2,221
      Renters$52,826$4,402$1,233$1,585
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Machesney Park, 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 Machesney Park homeowners, is $74,035. This would allow for a maximum of $1,727 per month to be spent on housing costs. For renters, the median monthly income is $52,826 which would result in a maximum of $1,233 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 Machesney Park 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 Machesney Park 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 Machesney Park 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 Machesney Park National avg. Difference
      Home Price $128,000.00$184,700.0030.7%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $971.00$949.002.3%

      Transportation

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

      Utilities

      Item Machesney Park 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.
      Rockford, IL147,4418416.2%
      Beloit, WI36,8048415.7%
      Capron, IL1,6568614.1%
      Belvidere, IL24,9328713.3%
      South Beloit, IL7,7308713.2%
      Machesney Park, IL22,7098910.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      West Carson, CA22,69715251.9%
      Griffin, GA22,7249010.2%
      Acworth, GA22,6831011.1%
      Roselle, IL22,74411616.3%
      Kihei, HI22,74917776.8%
      Machesney Park, IL22,7098910.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.