Cost of Living in Franklin Park, IL

An Overview of Cost of Living in Franklin Park, IL

Getting a feel for the cost of living in Franklin Park 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 Franklin Park is 106, which is 6% 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.

Everyday expenditures like food, housing, goods and services, transportation and health care in Franklin Park are priced in a manner consistent with other areas. This means that residents of Franklin Park can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Franklin Park Affordable?

Is Franklin Park 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 Franklin Park, the median home price is 14.6% higher than the national average and monthly rent prices are 0.7% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Franklin Park boasting a median household income of $67,755, 22.5% higher than the national average.

What Factors can Influence the Cost of Living in Franklin Park?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Franklin Park starts at 6.25% and the income tax rates start at 4.95%.

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

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The Franklin Park 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.