Cost of Living in Oswego, IL

An Overview of Cost of Living in Oswego, IL

Are you thinking about relocating, but curious about the potential cost of living in Oswego? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Oswego stands at 114, making it 14% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs significantly influence the Oswego cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 44.2%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Oswego Affordable?

Wondering if Oswego 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 Oswego, for example, the median home price is 37.6% higher than what folks pay nationally, and monthly rent is 59.4% higher than the usual rates. Plus, income levels matter too, with Oswego boasting a median household income of $97,330, which is 75.9% higher than the national average.

What Factors can Influence the Cost of Living in Oswego?

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, 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. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Oswego, the baseline sales tax rate begins at 6.25%, and income tax rates start at 4.95%.

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 Oswego, healthcare costs are 2.3% lower than the national average.

Where is the Data From?

The Oswego 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.