F
25%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
80%
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 Lemont Illinois National
Cost of living12596100
Goods & Services10697100
Groceries9798100
Health care9895100
Housing18095100
Transportation114103100
Utilities8089100

An Overview of Cost of Living in Lemont, IL

Knowing the cost of living in Lemont allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Lemont stands at 125, marking it 25% higher than the national average.

If you're in pursuit of an economical living environment, Lemont may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Lemont falls within this bracket.

Housing costs are a very significant part of the Lemont cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 80.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Lemont Affordable?

Is Lemont 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 Lemont, the median home price is 102.2% higher than what most folks pay across the country, and monthly rent prices are 28.9% higher than the usual rates. Income levels in Lemont come in at $114,509, which is 107% higher than the national average.

What Factors can Influence the Cost of Living in Lemont?

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 Lemont starts at 6.25% and the income tax rates start at 4.95%.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Lemont comes in at 20.1% lower 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 Lemont 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.

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Cost Of Living Quick Facts

  • The cost of living in Lemont is 30% higher than the Illinois average
  • The cost of living in Lemont is 25% higher than the national average
  • Lemont housing is 80% 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 Lemont

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Compare Lemont, 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$129,510$10,793$3,022$3,886
      Renters$52,060$4,338$1,215$1,562
      A good way to judge both the affordability of the housing and the cost of living in Lemont is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lemont has a median income of about $129,510 for people who own homes. Based on that number, a maximum of $3,022 should be spent on expenses related to housing. Renters have a slightly different median income, which is $52,060. Based on this average, renters should spend no more than $1,215 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Lemont National avg. Difference
      Haircut $19.72$24.2618.7%
      Beauty Salon $37.22$45.5618.3%
      Toothpaste $3.72$3.700.6%
      Shampoo $1.32$1.283.3%
      Movie $9.99$12.1317.7%
      Bowling $16.00$18.0011.1%

      Groceries

      Item Lemont National avg. Difference
      Ground Beef $5.94$5.841.8%
      Fried Chicken $1.39$1.5711.8%
      Milk $4.55$4.672.5%
      Potatoes $5.08$4.933.0%
      Pizza $10.69$12.0911.6%
      Beer $9.61$10.417.7%

      Health Care

      Item Lemont National avg. Difference
      Optometrist $86.67$125.6831.0%
      Doctor $110.00$135.7819.0%
      Dentist $82.00$113.2927.6%
      Ibuprofen $10.17$10.654.5%
      Lipitor $511.00$468.609.0%

      Housing

      Item Lemont National avg. Difference
      Home Price $373,500.00$184,700.00102.2%
      Avg. Mortgage Payment $1,316.57$2,346.6943.9%
      Apartment Rent $1,223.00$949.0028.9%

      Transportation

      Item Lemont National avg. Difference
      Gasoline $3.52$3.461.7%
      Tire Balancing $45.00$59.9224.9%

      Utilities

      Item Lemont National avg. Difference
      All Electricity $156.87$193.9919.1%
      Phone $198.03$192.253.0%
      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%
      Preston Heights, IL2,529936.5%
      Ingalls Park, IL3,022946.5%
      Lemont, IL17,13112525.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Ashwaubenon, WI17,130964.2%
      Myrtle Grove, FL17,140918.7%
      Lebanon, OR17,1441044.0%
      Springfield, TN17,147936.5%
      Massapequa Park, NY17,15215958.6%
      Lemont, IL17,13112525.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.