F
20%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
56%
Housing NAT. AVG.
Search Homes for Sale
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 Westmont Illinois National
Cost of living12096100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing15695100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Westmont, IL

The cost of living in Westmont 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 Westmont is 120, which is 20% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

When it comes to the cost of living in Westmont, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 56.3% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Westmont Affordable?

Is Westmont 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 Westmont, the median home price is 70.2% higher than what most folks pay across the country, and monthly rent prices are 23.8% higher than the usual rates. Income levels in Westmont come in at $69,902, which is 26.4% higher than the national average.

What Factors can Influence the Cost of Living in Westmont?

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 Westmont, is 56.3% higher than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding 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 Westmont, the groceries index is 3.5% higher than the national average.

Where is the Data From?

The Westmont 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.

New Real Estate Listings in Westmont Area
Search Homes for Sale in Westmont, IL

Cost Of Living Quick Facts

  • The cost of living in Westmont is 24% higher than the Illinois average
  • The cost of living in Westmont is 20% higher than the national average
  • Westmont housing is 56% 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 Westmont

See all the best places to live around Westmont

Compare Westmont, IL Cost of Living

      vs
      How would you rate the cost of living in Westmont?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Westmont?
      Write a review to give others more information about this area.
      See all Westmont poll results

      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$102,669$8,556$2,395$3,080
      Renters$46,003$3,834$1,073$1,380
      The affordability of the housing market in Westmont, IL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Westmont homeowners, the median income is $102,669. This indicates that a monthly maximum of $2,395 should be spent by homeowners on all housing related costs. Renters have a median income of $46,003. This indicates that renters would have a maximum of $1,073 for their rent related monthly 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 Westmont 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 Westmont 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 Westmont 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 Westmont National avg. Difference
      Home Price $314,400.00$184,700.0070.2%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,175.00$949.0023.8%

      Transportation

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

      Utilities

      Item Westmont 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.
      Hodgkins, IL1,7538514.6%
      Hometown, IL4,216919.0%
      Robbins, IL5,068928.5%
      Merrionette Park, IL1,973964.4%
      Markham, IL12,401963.9%
      Westmont, IL24,67712019.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Wright, FL24,6711000.2%
      Crestview, FL24,687972.8%
      Northdale, FL24,66011111.0%
      Staunton, VA24,660981.7%
      Newport, RI24,69714544.9%
      Westmont, IL24,67712019.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.