A+
16%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
51%
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 Galesburg Illinois National
Cost of living8496100
Goods & Services9697100
Groceries9598100
Health care10495100
Housing4995100
Transportation100103100
Utilities11389100

An Overview of Cost of Living in Galesburg, IL

The cost of living in Galesburg 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 Galesburg is 84, which is 16% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Galesburg distinguishes itself by reporting housing expenses that are 51.4% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Galesburg can allocate more of their income to housing, enhancing their financial flexibility.

Is Galesburg Affordable?

Wondering if Galesburg is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Galesburg, for example, the median home price is 58.6% lower than what folks pay nationally, and monthly rent is 34.5% lower than the usual rates. Plus, income levels matter too, with Galesburg boasting a median household income of $37,322, which is 32.5% lower than the national average.

What Factors can Influence the Cost of Living in Galesburg?

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 Galesburg, the groceries index is 5.2% lower than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Galesburg, healthcare costs are 3.6% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The Galesburg 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.

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Cost Of Living Quick Facts

  • The cost of living in Galesburg is 13% lower than the Illinois average
  • The cost of living in Galesburg is 16% lower than the national average
  • Galesburg housing is 51% 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 Galesburg

See all the best places to live around Galesburg

Compare Galesburg, 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$52,830$4,403$1,233$1,585
      Renters$21,439$1,787$500$643
      To approximate the cost of living and the housing affordability in Galesburg, 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 Galesburg have a median income of $52,830. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,233 per month to avoid calamity and poverty. The renters in the city have an income of about $21,439, which would make their monthly maximum allowable rental costs $500.

      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 Galesburg National avg. Difference
      Haircut $18.13$24.2625.3%
      Beauty Salon $28.00$45.5638.5%
      Toothpaste $3.84$3.703.8%
      Shampoo $1.30$1.281.3%
      Movie $9.83$12.1319.0%
      Bowling $11.95$18.0033.6%

      Groceries

      Item Galesburg National avg. Difference
      Ground Beef $5.55$5.845.0%
      Fried Chicken $1.41$1.5710.6%
      Milk $4.72$4.671.0%
      Potatoes $4.74$4.934.0%
      Pizza $12.79$12.095.8%
      Beer $9.83$10.415.6%

      Health Care

      Item Galesburg National avg. Difference
      Optometrist $120.50$125.684.1%
      Doctor $171.88$135.7826.6%
      Dentist $97.53$113.2913.9%
      Ibuprofen $10.43$10.652.1%
      Lipitor $506.88$468.608.2%

      Housing

      Item Galesburg National avg. Difference
      Home Price $76,400.00$184,700.0058.6%
      Avg. Mortgage Payment $1,420.60$2,346.6939.5%
      Apartment Rent $622.00$949.0034.5%

      Transportation

      Item Galesburg National avg. Difference
      Gasoline $3.37$3.462.5%
      Tire Balancing $62.78$59.924.8%

      Utilities

      Item Galesburg National avg. Difference
      All Electricity $229.59$193.9918.3%
      Phone $200.45$192.254.3%
      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.
      Gilson, IL1947723.1%
      North Henderson, IL2398217.9%
      Victoria, IL2247920.5%
      Abingdon, IL3,5708317.2%
      Maquon, IL1818019.9%
      Galesburg, IL30,4058416.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Long Branch, NJ30,42413837.8%
      Kingman, AZ30,4338910.7%
      Golden Gate, FL30,37611313.1%
      Crown Point, IN30,3721000.3%
      Syracuse, UT30,36612524.9%
      Galesburg, IL30,4058416.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.