Cost of Living in Bolingbrook, IL

An Overview of Cost of Living in Bolingbrook, IL

Are you thinking about relocating, but curious about the potential cost of living in Bolingbrook? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Bolingbrook stands at 110, making it 10% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

When it comes to the cost of living in Bolingbrook, 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 31.4% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Bolingbrook Affordable?

Is Bolingbrook 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 Bolingbrook is 25.1% higher than the national average, while the average monthly rent prices are 45.9% higher than average. The affordability of any location can also be influenced by median income levels. Bolingbrook has a median household income of $92,184, which is 66.6% higher than the national average.

What Factors can Influence the Cost of Living in Bolingbrook?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Bolingbrook, the housing index comes in at 31.4% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Bolingbrook, healthcare costs are 2.3% lower than the national average.

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 Bolingbrook, the transportation index is 13.6% higher than the national average.

Where is the Data From?

The cost of living in Bolingbrook, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.