Cost of Living in South Holland, IL

An Overview of Cost of Living in South Holland, IL

Are you thinking about relocating, but curious about the potential cost of living in South Holland? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in South Holland stands at 105, making it 5% 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.

Everyday expenditures like food, housing, goods and services, transportation and health care in South Holland are priced in a manner consistent with other areas. This means that residents of South Holland can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is South Holland Affordable?

Is South Holland an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in South Holland is 14.9% lower than the national average, while the average monthly rent prices are 54.9% higher than average. The affordability of any location can also be influenced by median income levels. South Holland has a median household income of $66,859, which is 20.9% higher than the national average.

What Factors can Influence the Cost of Living in South Holland?

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In South Holland, the utilities index is 10.8% lower than the national average.

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

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In South Holland, the transportation index is 7.2% higher than the national average.

Where is the Data From?

The cost of living data in South Holland 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.