D
13%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
39%
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 South Elgin Illinois National
Cost of living11396100
Goods & Services10697100
Groceries9798100
Health care9895100
Housing13995100
Transportation114103100
Utilities8089100

An Overview of Cost of Living in South Elgin, IL

Getting a feel for the cost of living in South Elgin is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in South Elgin is 113, which is 13% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Housing costs make up a big chunk of the cost of living in South Elgin, 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 39.3% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is South Elgin Affordable?

Wondering if South Elgin 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 South Elgin, for example, the median home price is 31.4% higher than what folks pay nationally, and monthly rent is 57.6% higher than the usual rates. Plus, income levels matter too, with South Elgin boasting a median household income of $99,189, which is 79.3% higher than the national average.

What Factors can Influence the Cost of Living in South Elgin?

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 South Elgin, the groceries index is 2.7% lower 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 South Elgin, the utilities index is 20.1% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in South Elgin starts at 6.25% and the income tax rates start at 4.95%.

Where is the Data From?

The South Elgin cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 South Elgin is 17% higher than the Illinois average
  • The cost of living in South Elgin is 13% higher than the national average
  • South Elgin housing is 39% 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 South Elgin

See all the best places to live around South Elgin

Compare South Elgin, 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$107,337$8,945$2,504$3,220
      Renters$63,922$5,327$1,491$1,918
      A good way to judge both the affordability of the housing and the cost of living in South Elgin is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. South Elgin has a median income of about $107,337 for people who own homes. Based on that number, a maximum of $2,504 should be spent on expenses related to housing. Renters have a slightly different median income, which is $63,922. Based on this average, renters should spend no more than $1,491 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 South Elgin 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 South Elgin 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 South Elgin 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 South Elgin National avg. Difference
      Home Price $242,700.00$184,700.0031.4%
      Avg. Mortgage Payment $1,316.57$2,346.6943.9%
      Apartment Rent $1,496.00$949.0057.6%

      Transportation

      Item South Elgin National avg. Difference
      Gasoline $3.52$3.461.7%
      Tire Balancing $45.00$59.9224.9%

      Utilities

      Item South Elgin 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.
      Carpentersville, IL37,6181054.9%
      Elgin, IL112,0621055.3%
      Burlington, IL5141000.1%
      East Dundee, IL3,2111077.4%
      Glendale Heights, IL33,8631088.3%
      South Elgin, IL23,64811312.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Muscatine, IA23,6619010.4%
      North Haven, CT23,66512423.5%
      L'Assomption, QC23,628n/a 
      Stoneham, MA23,62515857.8%
      Searcy, AR23,6738416.0%
      South Elgin, IL23,64811312.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.