C-
8%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
18%
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 Round Lake Illinois National
Cost of living10896100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing11895100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Round Lake, IL

Knowing the cost of living in Round Lake 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 Round Lake stands at 108, marking it 8% higher than the national average.

The cost of living in Round Lake 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.

Is Round Lake Affordable?

Is Round Lake 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 Round Lake, the median home price is 15.5% higher than what most folks pay across the country, and monthly rent prices are 23.4% higher than the usual rates. Income levels in Round Lake come in at $82,550, which is 49.2% higher than the national average.

What Factors can Influence the Cost of Living in Round Lake?

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 Round Lake, is 17.9% higher than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Round Lake, the utilities index is 10.8% 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 Round Lake, the transportation index stands at 7.2% higher than the national average.

Where is the Data From?

The Round Lake 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 Round Lake is 12% higher than the Illinois average
  • The cost of living in Round Lake is 8% higher than the national average
  • Round Lake housing is 18% 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 Round Lake

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Compare Round Lake, 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$97,448$8,121$2,274$2,924
      Renters$40,201$3,350$938$1,206
      To approximate the cost of living and the housing affordability in Round Lake, IL, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Round Lake have a median income of $97,448. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,274 per month to avoid calamity and poverty. The renters in the city have an income of about $40,201, which would make their monthly maximum allowable rental costs $938.

      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 Round Lake National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Round Lake National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Round Lake National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Round Lake National avg. Difference
      Home Price $213,300.00$184,700.0015.5%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,171.00$949.0023.4%

      Transportation

      Item Round Lake National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Round Lake National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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.
      Park City, IL7,6368415.8%
      North Chicago, IL29,967973.2%
      Round Lake Park, IL7,744972.8%
      Waukegan, IL87,157982.1%
      Zion, IL23,677973.4%
      Round Lake, IL18,2351088.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      North Massapequa, NY18,23915049.6%
      Trenton, MI18,214964.2%
      Marshfield, WI18,2148614.4%
      San Carlos Park, FL18,2561099.4%
      Steinbach, MB18,212n/a 
      Round Lake, IL18,2351088.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.