D-
14%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
38%
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 Rolling Meadows Illinois National
Cost of living11496100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing13895100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Rolling Meadows, IL

Knowing the cost of living in Rolling Meadows 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 Rolling Meadows stands at 114, marking it 14% higher than the national average.

When it comes to the cost of living in Rolling Meadows, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 37.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Rolling Meadows Affordable?

Is Rolling Meadows 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 Rolling Meadows, the median home price is 33.4% higher than what most folks pay across the country, and monthly rent prices are 47.4% higher than the usual rates. Income levels in Rolling Meadows come in at $78,609, which is 42.1% higher than the national average.

What Factors can Influence the Cost of Living in Rolling Meadows?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower 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 Rolling Meadows, the transportation index stands at 7.2% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Rolling Meadows, the housing index is 37.6% higher than the national average.

Where is the Data From?

The Rolling Meadows 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 Rolling Meadows is 18% higher than the Illinois average
  • The cost of living in Rolling Meadows is 14% higher than the national average
  • Rolling Meadows housing is 38% 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 Rolling Meadows

See all the best places to live around Rolling Meadows

Compare Rolling Meadows, 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$82,464$6,872$1,924$2,474
      Renters$63,196$5,266$1,474$1,896
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Rolling Meadows, IL, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Rolling Meadows, homeowners have a median income of $82,464. Using that number, a maximum of $1,924 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $63,196, which means there is a maximum of $1,474 to be spent on the costs of renting a home or apartment.

      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 Rolling Meadows National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Rolling Meadows National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Rolling Meadows National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Rolling Meadows National avg. Difference
      Home Price $246,300.00$184,700.0033.4%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,399.00$949.0047.4%

      Transportation

      Item Rolling Meadows National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Rolling Meadows National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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.
      Maywood, IL23,3511000.0%
      Bellwood, IL18,7991011.0%
      Broadview, IL7,6771011.1%
      Stone Park, IL4,8421022.2%
      Berkeley, IL5,0791022.4%
      Rolling Meadows, IL23,28811414.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Columbus, NE23,291945.9%
      Loves Park, IL23,2748713.0%
      Fort Hood, TX23,3021043.9%
      Auburn, ME23,2671032.5%
      Fairfax, VA23,31215958.9%
      Rolling Meadows, IL23,28811414.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.