Cost of Living in New Lenox, IL

An Overview of Cost of Living in New Lenox, IL

Are you thinking about relocating, but curious about the potential cost of living in New Lenox? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in New Lenox stands at 117, making it 17% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs make up a big chunk of the cost of living in New Lenox, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 53.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is New Lenox Affordable?

Is New Lenox 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 New Lenox, the median home price is 67% higher than what most folks pay across the country, and monthly rent prices are 22.6% higher than the usual rates. Income levels in New Lenox come in at $115,327, which is 108.5% higher than the national average.

What Factors can Influence the Cost of Living in New Lenox?

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 New Lenox, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 4.95%.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

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 New Lenox, the transportation index is 13.6% higher than the national average.

Where is the Data From?

The cost of living in New Lenox, 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.