Cost of Living in Morton Grove, IL

An Overview of Cost of Living in Morton Grove, IL

Understanding the cost of living in Morton Grove can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Morton Grove cost of living index is 129, which is 29% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you prioritize affordability when seeking a new place to live, Morton Grove may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Morton Grove falls into this category, which may not align with your preferences for a budget-friendly living environment.

When it comes to the cost of living in Morton Grove, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 87.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Morton Grove?

The real experts on a city are its residents. That's why we reached out to 5 locals to get their views on the cost of living in Morton Grove. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 40% found it budget-friendly with decreasing prices, while 60% said it's simply not affordable as prices have continued to rise.

Is Morton Grove Affordable?

Is Morton Grove 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 Morton Grove, the median home price is 76.6% higher than what most folks pay across the country, and monthly rent prices are 113.1% higher than the usual rates. Income levels in Morton Grove come in at $87,063, which is 57.4% higher than the national average.

What Factors can Influence the Cost of Living in Morton Grove?

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 Morton Grove, is 87.5% higher than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Morton Grove, the utilities index registers 10.8% lower than the national average.

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 Morton Grove, the transportation index is 7.2% higher than the national average.

Where is the Data From?

The Morton Grove cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.