A-
2%
Overall NAT. AVG.
12%
Goods & Services NAT. AVG.
7%
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 Chatham Illinois National
Cost of living9896100
Goods & Services8897100
Groceries9798100
Health care9395100
Housing10795100
Transportation109103100
Utilities9789100

An Overview of Cost of Living in Chatham, IL

The cost of living in Chatham 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 Chatham is 98, which is 2% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Chatham 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 Chatham can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Chatham, these essential goods and services are priced 12.4% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.

Is Chatham Affordable?

Is Chatham 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 Chatham, for instance, where the median home price falls 6.6% higher than the national average, and monthly rent rates are 7.6% higher than usual. Additionally, median income levels contribute to the equation, with Chatham flaunting a median household income of $96,655, 74.7% higher than the national norm.

What Factors can Influence the Cost of Living in Chatham?

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 Chatham, healthcare costs are 7.2% lower than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Chatham, the groceries index is 3.2% lower than the national average.

Where is the Data From?

The Chatham 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 Chatham is 2% higher than the Illinois average
  • The cost of living in Chatham is 2% lower than the national average
  • Chatham housing is 7% 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 Chatham

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Compare Chatham, 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$107,686$8,974$2,513$3,231
      Renters$48,163$4,014$1,124$1,445
      To approximate the cost of living and the housing affordability in Chatham, 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 Chatham have a median income of $107,686. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,513 per month to avoid calamity and poverty. The renters in the city have an income of about $48,163, which would make their monthly maximum allowable rental costs $1,124.

      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 Chatham National avg. Difference
      Haircut $15.00$24.2638.2%
      Beauty Salon $30.00$45.5634.2%
      Toothpaste $3.76$3.701.5%
      Shampoo $1.20$1.286.6%
      Movie $10.96$12.139.7%
      Bowling $20.00$18.0011.1%

      Groceries

      Item Chatham National avg. Difference
      Ground Beef $5.77$5.841.2%
      Fried Chicken $1.35$1.5714.4%
      Milk $4.63$4.670.8%
      Potatoes $5.10$4.933.4%
      Pizza $14.32$12.0918.5%
      Beer $9.43$10.419.5%

      Health Care

      Item Chatham National avg. Difference
      Optometrist $120.83$125.683.9%
      Doctor $121.67$135.7810.4%
      Dentist $100.00$113.2911.7%
      Ibuprofen $10.26$10.653.7%
      Lipitor $493.33$468.605.3%

      Housing

      Item Chatham National avg. Difference
      Home Price $196,800.00$184,700.006.6%
      Avg. Mortgage Payment $1,978.34$2,346.6915.7%
      Apartment Rent $1,021.00$949.007.6%

      Transportation

      Item Chatham National avg. Difference
      Gasoline $3.60$3.464.1%
      Tire Balancing $72.50$59.9221.0%

      Utilities

      Item Chatham National avg. Difference
      All Electricity $181.08$193.996.7%
      Phone $195.03$192.251.4%
      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.
      Tovey, IL5827722.5%
      Modesto, IL2227821.7%
      Clear Lake, IL3867921.0%
      Berlin, IL1827921.0%
      Bulpitt, IL2368020.1%
      Chatham, IL13,231982.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Baker, LA13,2339010.4%
      Glenn Heights, TX13,2281043.5%
      McFarland, CA13,2441109.6%
      Lahaina, HI13,21618887.8%
      Bedford, IN13,2468811.6%
      Chatham, IL13,231982.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.