A+
18%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
44%
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 Sterling Illinois National
Cost of living8296100
Goods & Services8997100
Groceries9798100
Health care10195100
Housing5695100
Transportation110103100
Utilities8789100

An Overview of Cost of Living in Sterling, IL

The cost of living in Sterling 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 Sterling is 82, which is 18% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Sterling stands out by reporting housing costs that are 43.9% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Sterling can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.

Everyday items like clothes, personal care products and fun activities all add up to what it costs to live. The thing is, in Sterling, these goods and services are 11.1% cheaper than what people pay on average across the country. That means you can enjoy what you need and like without going broke. With these savings, you can stash more cash in your savings or use it for other money goals, which can really boost your financial health.

Is Sterling Affordable?

Is Sterling an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Sterling is 51.3% lower than the national average, while the average monthly rent prices are 26.4% lower than average. The affordability of any location can also be influenced by median income levels. Sterling has a median household income of $46,491, which is 16% lower than the national average.

What Factors can Influence the Cost of Living in Sterling?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Sterling, the transportation index is 9.7% higher than the national average.

Where is the Data From?

The Sterling 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Sterling is 14% lower than the Illinois average
  • The cost of living in Sterling is 18% lower than the national average
  • Sterling housing is 44% 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 Sterling

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Compare Sterling, IL Cost of Living

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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$61,639$5,137$1,438$1,849
      Renters$31,076$2,590$725$932
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Sterling, 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 Sterling homeowners, is $61,639. This would allow for a maximum of $1,438 per month to be spent on housing costs. For renters, the median monthly income is $31,076 which would result in a maximum of $725 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 Sterling 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 Sterling 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 Sterling 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 Sterling National avg. Difference
      Home Price $89,900.00$184,700.0051.3%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $698.00$949.0026.4%

      Transportation

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

      Utilities

      Item Sterling 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.
      Deer Grove, IL337524.8%
      Harmon, IL1467921.0%
      Rock Falls, IL8,9148020.1%
      Milledgeville, IL9878019.6%
      Nelson, IL1328119.2%
      Sterling, IL14,7748217.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Gloversville, NY14,7718812.4%
      Grovetown, GA14,777937.4%
      Strathmore, AB14,778n/a 
      Mount Vernon, IL14,7698218.1%
      El Sobrante, CA14,77915756.9%
      Sterling, IL14,7748217.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.