A+
7%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
16%
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 Urbana Illinois National
Cost of living9396100
Goods & Services10197100
Groceries9798100
Health care8795100
Housing8495100
Transportation97103100
Utilities9089100

An Overview of Cost of Living in Urbana, IL

Knowing the cost of living in Urbana 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 Urbana stands at 93, marking it 7% lower than the national average.

The cost of living in Urbana closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Urbana can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Urbana Affordable?

Is Urbana 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 Urbana, for instance, where the median home price falls 17.9% lower than the national average, and monthly rent rates are 12.2% lower than usual. Additionally, median income levels contribute to the equation, with Urbana flaunting a median household income of $35,984, 35% lower than the national norm.

What Factors can Influence the Cost of Living in Urbana?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Urbana, the housing index is 16.2% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Urbana, healthcare costs are 13.5% lower than the national average.

Where is the Data From?

The Urbana 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 Urbana is 3% lower than the Illinois average
  • The cost of living in Urbana is 7% lower than the national average
  • Urbana housing is 16% 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 Urbana

See all the best places to live around Urbana

Compare Urbana, 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$85,453$7,121$1,994$2,564
      Renters$23,546$1,962$549$706
      To approximate the cost of living and the housing affordability in Urbana, 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 Urbana have a median income of $85,453. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,994 per month to avoid calamity and poverty. The renters in the city have an income of about $23,546, which would make their monthly maximum allowable rental costs $549.

      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 Urbana National avg. Difference
      Haircut $21.06$24.2613.2%
      Beauty Salon $41.72$45.568.4%
      Toothpaste $3.70$3.700.1%
      Shampoo $1.27$1.280.8%
      Movie $11.83$12.132.5%
      Bowling $19.67$18.009.3%

      Groceries

      Item Urbana National avg. Difference
      Ground Beef $5.94$5.841.6%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.58$4.672.0%
      Potatoes $5.07$4.932.8%
      Pizza $12.37$12.092.3%
      Beer $9.42$10.419.6%

      Health Care

      Item Urbana National avg. Difference
      Optometrist $82.61$125.6834.3%
      Doctor $126.67$135.786.7%
      Dentist $88.75$113.2921.7%
      Ibuprofen $10.34$10.652.9%
      Lipitor $448.14$468.604.4%

      Housing

      Item Urbana National avg. Difference
      Home Price $151,700.00$184,700.0017.9%
      Avg. Mortgage Payment $1,796.65$2,346.6923.4%
      Apartment Rent $833.00$949.0012.2%

      Transportation

      Item Urbana National avg. Difference
      Gasoline $3.63$3.465.0%
      Tire Balancing $47.39$59.9220.9%

      Utilities

      Item Urbana National avg. Difference
      All Electricity $158.84$193.9918.1%
      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.
      Allerton, IL2678416.2%
      Ivesdale, IL2508416.1%
      Penfield, IL2358515.1%
      Thomasboro, IL1,0368614.2%
      Rantoul, IL12,9468614.2%
      Urbana, IL42,461936.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hicksville, NY42,46815453.6%
      Schertz, TX42,4331055.4%
      Pittsfield, MA42,5141010.6%
      Woodbridge, VA42,51712726.8%
      Rohnert Park, CA42,55916262.3%
      Urbana, IL42,461936.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.