B+
3%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
2%
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 Morton Illinois National
Cost of living9796100
Goods & Services9497100
Groceries9998100
Health care8695100
Housing10295100
Transportation101103100
Utilities9089100

An Overview of Cost of Living in Morton, IL

Knowing the cost of living in Morton 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 Morton stands at 97, marking it 3% lower than the national average.

Everyday expenditures like food, housing, goods and services, transportation and health care in Morton are priced in a manner consistent with other areas. This means that residents of Morton can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Morton Affordable?

Is Morton 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 Morton, the median home price is 6.9% higher than the national average and monthly rent prices are 8.2% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Morton boasting a median household income of $78,979, 42.8% higher than the national average.

What Factors can Influence the Cost of Living in Morton?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Morton, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 4.95%.

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, is 2.3% higher than the national average.

Where is the Data From?

The cost of living in Morton, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Morton is 1% higher than the Illinois average
  • The cost of living in Morton is 3% lower than the national average
  • Morton housing is 2% 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 Morton

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Compare Morton, 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$91,767$7,647$2,141$2,753
      Renters$50,443$4,204$1,177$1,513
      A good indicator of the general affordability of housing in Morton, 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 Morton, the median monthly income is $91,767 for those who own their own homes. Under the standard rule, that income level would allow for $2,141 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $50,443, per the median income in the area. That would allow for renters to spend up to $1,177 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 Morton National avg. Difference
      Haircut $25.00$24.263.0%
      Beauty Salon $39.00$45.5614.4%
      Toothpaste $3.80$3.702.5%
      Shampoo $1.35$1.285.2%
      Movie $9.91$12.1318.4%
      Bowling $15.00$18.0016.7%

      Groceries

      Item Morton National avg. Difference
      Ground Beef $6.23$5.846.8%
      Fried Chicken $1.61$1.572.4%
      Milk $4.74$4.671.5%
      Potatoes $4.97$4.930.6%
      Pizza $12.49$12.093.4%
      Beer $10.32$10.410.9%

      Health Care

      Item Morton National avg. Difference
      Optometrist $119.25$125.685.1%
      Doctor $128.33$135.785.5%
      Dentist $81.17$113.2928.4%
      Ibuprofen $10.34$10.652.9%
      Lipitor $437.64$468.606.6%

      Housing

      Item Morton National avg. Difference
      Home Price $197,400.00$184,700.006.9%
      Avg. Mortgage Payment $1,766.12$2,346.6924.7%
      Apartment Rent $871.00$949.008.2%

      Transportation

      Item Morton National avg. Difference
      Gasoline $3.68$3.466.3%
      Tire Balancing $53.33$59.9211.0%

      Utilities

      Item Morton National avg. Difference
      All Electricity $158.51$193.9918.3%
      Phone $197.49$192.252.7%
      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.
      Mapleton, IL3338020.1%
      Creve Coeur, IL5,0748119.0%
      South Pekin, IL1,0618317.1%
      Stanford, IL6958911.4%
      Peoria Heights, IL5,8258416.4%
      Morton, IL15,791972.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Stallings, NC15,78111414.0%
      Villa Rica, GA15,803963.9%
      Berea, KY15,773918.6%
      Bellevue, WI15,812981.6%
      Rye, NY15,769265164.8%
      Morton, IL15,791972.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.