B+
0%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
16%
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 McHenry Illinois National
Cost of living10096100
Goods & Services8997100
Groceries9798100
Health care10195100
Housing11695100
Transportation110103100
Utilities8789100

An Overview of Cost of Living in McHenry, IL

Knowing the cost of living in McHenry 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 McHenry stands at 100, marking it 0% equal to the national average.

In McHenry, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in McHenry will resemble that of an average city, contributing to a manageable cost of living.

Everyday items like clothes, personal care products and fun activities all add up to what it costs to live. The thing is, in McHenry, these goods and services are 11.1% cheaper than what people pay on average across the country. That means you can enjoy what you need and like without going broke. With these savings, you can stash more cash in your savings or use it for other money goals, which can really boost your financial health.

Is McHenry Affordable?

Wondering if McHenry 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 McHenry, for example, the median home price is 5.5% higher than what folks pay nationally, and monthly rent is 39.9% higher than the usual rates. Plus, income levels matter too, with McHenry boasting a median household income of $77,004, which is 39.2% higher than the national average.

What Factors can Influence the Cost of Living in McHenry?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In McHenry, the transportation index stands at 9.7% higher 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 McHenry, healthcare costs are 0.6% higher than the national average.

Where is the Data From?

The cost of living data in McHenry displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in McHenry is 4% higher than the Illinois average
  • The cost of living in McHenry is equal to the national average
  • McHenry housing is 16% 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 McHenry

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Compare McHenry, 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$94,559$7,880$2,206$2,837
      Renters$38,977$3,248$909$1,169
      To approximate the cost of living and the housing affordability in McHenry, 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 McHenry have a median income of $94,559. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,206 per month to avoid calamity and poverty. The renters in the city have an income of about $38,977, which would make their monthly maximum allowable rental costs $909.

      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 McHenry National avg. Difference
      Haircut $19.94$24.2617.8%
      Beauty Salon $36.22$45.5620.5%
      Toothpaste $3.58$3.703.2%
      Shampoo $1.27$1.281.1%
      Movie $12.73$12.134.9%
      Bowling $12.67$18.0029.6%

      Groceries

      Item McHenry National avg. Difference
      Ground Beef $5.72$5.842.0%
      Fried Chicken $1.42$1.579.9%
      Milk $4.63$4.670.9%
      Potatoes $4.82$4.932.3%
      Pizza $10.99$12.099.1%
      Beer $9.56$10.418.2%

      Health Care

      Item McHenry National avg. Difference
      Optometrist $79.67$125.6836.6%
      Doctor $158.33$135.7816.6%
      Dentist $110.16$113.292.8%
      Ibuprofen $10.57$10.650.8%
      Lipitor $460.30$468.601.8%

      Housing

      Item McHenry National avg. Difference
      Home Price $194,800.00$184,700.005.5%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $1,328.00$949.0039.9%

      Transportation

      Item McHenry National avg. Difference
      Gasoline $3.69$3.466.7%
      Tire Balancing $70.28$59.9217.3%

      Utilities

      Item McHenry National avg. Difference
      All Electricity $147.39$193.9924.0%
      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.
      Round Lake Park, IL7,744972.8%
      Camp Lake, WI4,175972.5%
      Wilmot, WI219982.2%
      McCullom Lake, IL1,193937.1%
      Wonder Lake, IL3,955946.3%
      McHenry, IL26,8891000.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lindenhurst, NY26,88513939.0%
      Temple Terrace, FL26,9011044.3%
      Ilchester, MD26,87313434.4%
      Carrollton, GA26,857954.7%
      Shoreview, MN26,92211211.9%
      McHenry, IL26,8891000.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.