A
2%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
11%
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 Richton Park Illinois National
Cost of living9896100
Goods & Services10697100
Groceries9798100
Health care9895100
Housing8995100
Transportation114103100
Utilities8089100

An Overview of Cost of Living in Richton Park, IL

The cost of living in Richton Park 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 Richton Park is 98, which is 2% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

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

Is Richton Park Affordable?

Wondering if Richton Park is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Richton Park, for example, the median home price is 20.3% lower than what folks pay nationally, and monthly rent is 11.4% higher than the usual rates. Plus, income levels matter too, with Richton Park boasting a median household income of $63,777, which is 15.3% higher than the national average.

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

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Richton Park, the utilities index registers at 20.1% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Richton Park, the healthcare costs are 2.3% lower than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Richton Park, the transportation index stands at 13.6% higher than the national average.

Where is the Data From?

The cost of living data in Richton Park 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 Richton Park is 2% higher than the Illinois average
  • The cost of living in Richton Park is 2% lower than the national average
  • Richton Park housing is 11% 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 Richton Park

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Compare Richton Park, IL Cost of Living

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      Salary Calculator

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      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$87,839$7,320$2,049$2,635
      Renters$37,152$3,096$867$1,115
      The affordability of the housing market in Richton Park, IL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Richton Park homeowners, the median income is $87,839. This indicates that a monthly maximum of $2,049 should be spent by homeowners on all housing related costs. Renters have a median income of $37,152. This indicates that renters would have a maximum of $867 for their rent related monthly 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 Richton Park 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 Richton Park 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 Richton Park 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 Richton Park National avg. Difference
      Home Price $147,200.00$184,700.0020.3%
      Avg. Mortgage Payment $1,316.57$2,346.6943.9%
      Apartment Rent $1,057.00$949.0011.4%

      Transportation

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

      Utilities

      Item Richton Park 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.
      Ford Heights, IL2,7058614.2%
      East Chicago, IN28,0448712.7%
      Phoenix, IL1,4028812.0%
      Dixmoor, IL3,5709010.2%
      Harvey, IL24,2959010.1%
      Richton Park, IL13,381982.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lone Tree, CO13,38116464.2%
      La Grande, OR13,380981.7%
      New Providence, NJ13,38215958.7%
      Dardenne Prairie, MO13,38511312.8%
      Moss Point, MS13,3968614.0%
      Richton Park, IL13,381982.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.