D
12%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
32%
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 Streamwood Illinois National
Cost of living11296100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing13295100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Streamwood, IL

Getting a feel for the cost of living in Streamwood 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 Streamwood is 112, which is 12% 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 are a very significant part of the Streamwood cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 31.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Streamwood Affordable?

Is Streamwood affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Streamwood, the median home price is 11.5% higher than the national average and monthly rent prices are 79.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Streamwood boasting a median household income of $88,917, 60.7% higher than the national average.

What Factors can Influence the Cost of Living in Streamwood?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

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 Streamwood, the groceries index is 3.5% higher than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Streamwood, healthcare costs are 7.7% higher than the national average.

Where is the Data From?

The Streamwood 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 Streamwood is 17% higher than the Illinois average
  • The cost of living in Streamwood is 12% higher than the national average
  • Streamwood housing is 32% 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 Streamwood

See all the best places to live around Streamwood

Compare Streamwood, 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$92,602$7,717$2,161$2,778
      Renters$69,792$5,816$1,628$2,094
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Streamwood, IL, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Streamwood, homeowners have a median income of $92,602. Using that number, a maximum of $2,161 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $69,792, which means there is a maximum of $1,628 to be spent on the costs of renting a home or apartment.

      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 Streamwood 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 Streamwood 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 Streamwood 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 Streamwood National avg. Difference
      Home Price $205,900.00$184,700.0011.5%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,705.00$949.0079.7%

      Transportation

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

      Utilities

      Item Streamwood 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.
      Berkeley, IL5,0791022.4%
      Northlake, IL12,2351033.5%
      Carpentersville, IL37,6181054.9%
      Elgin, IL112,0621055.3%
      Hillside, IL7,9371066.3%
      Streamwood, IL39,91711212.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Marion, IA39,910964.0%
      Friendswood, TX39,89311716.6%
      Chelsea, MA39,87814039.5%
      The Acreage, FL39,86312827.8%
      Calexico, CA39,84111413.6%
      Streamwood, IL39,91711212.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.