A
4%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
1%
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 Roscoe Illinois National
Cost of living9696100
Goods & Services8997100
Groceries9798100
Health care10195100
Housing10195100
Transportation110103100
Utilities8789100

An Overview of Cost of Living in Roscoe, IL

The cost of living in Roscoe 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 Roscoe is 96, which is 4% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Roscoe is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Roscoe, 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 Roscoe Affordable?

Is Roscoe affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Roscoe, for instance, where the median home price falls 7.2% lower than the national average, and monthly rent rates are 21% higher than usual. Additionally, median income levels contribute to the equation, with Roscoe flaunting a median household income of $98,750, 78.5% higher than the national norm.

What Factors can Influence the Cost of Living in Roscoe?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Roscoe, the groceries index is 3.3% lower than the national average.

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 Roscoe, 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 Roscoe, is 1.3% higher than the national average.

Where is the Data From?

The Roscoe 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates 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 Roscoe is equal to the Illinois average
  • The cost of living in Roscoe is 4% lower than the national average
  • Roscoe housing is 1% 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 Roscoe

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Compare Roscoe, IL Cost of Living

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      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$104,792$8,733$2,445$3,144
      Renters$62,886$5,241$1,467$1,887
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Roscoe, 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 Roscoe homeowners, is $104,792. This would allow for a maximum of $2,445 per month to be spent on housing costs. For renters, the median monthly income is $62,886 which would result in a maximum of $1,467 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 Roscoe 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 Roscoe 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 Roscoe 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 Roscoe National avg. Difference
      Home Price $171,400.00$184,700.007.2%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $1,148.00$949.0021.0%

      Transportation

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

      Utilities

      Item Roscoe 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.
      Hanover, WI1198218.3%
      Rockford, IL147,4418416.2%
      Beloit, WI36,8048415.7%
      Capron, IL1,6568614.1%
      Belvidere, IL24,9328713.3%
      Roscoe, IL10,632964.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      East Liverpool, OH10,6328416.2%
      Gardere, LA10,6291000.3%
      Lansdowne, PA10,6371011.1%
      Petal, MS10,624909.6%
      Timonium, MD10,64213030.4%
      Roscoe, IL10,632964.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.