F
65%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
207%
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 Wilmette Illinois National
Cost of living16596100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing30795100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Wilmette, IL

Getting a feel for the cost of living in Wilmette is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Wilmette is 165, which is 65% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Wilmette is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Wilmette falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Wilmette, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 207.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Wilmette Affordable?

Is Wilmette affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Wilmette, the median home price is 271.2% higher than the national average and monthly rent prices are 57.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Wilmette boasting a median household income of $161,765, 192.4% higher than the national average.

What Factors can Influence the Cost of Living in Wilmette?

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.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Wilmette, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 4.95%.

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 Wilmette, healthcare costs are 7.7% higher than the national average.

Where is the Data From?

The Wilmette 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 Wilmette is 71% higher than the Illinois average
  • The cost of living in Wilmette is 65% higher than the national average
  • Wilmette housing is 207% 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 Wilmette

See all the best places to live around Wilmette

Compare Wilmette, 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$177,455$14,788$4,140$5,324
      Renters$61,500$5,125$1,435$1,845
      The affordability of the housing market in Wilmette, IL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Wilmette homeowners, the median income is $177,455. This indicates that a monthly maximum of $4,140 should be spent by homeowners on all housing related costs. Renters have a median income of $61,500. This indicates that renters would have a maximum of $1,435 for their rent related monthly costs.

      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 Wilmette 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 Wilmette 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 Wilmette 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 Wilmette National avg. Difference
      Home Price $685,600.00$184,700.00271.2%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,498.00$949.0057.9%

      Transportation

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

      Utilities

      Item Wilmette 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%
      Stone Park, IL4,8421022.2%
      Berkeley, IL5,0791022.4%
      Northlake, IL12,2351033.5%
      Wilmette, IL27,11416564.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Statesville, NC27,114927.8%
      Maywood, CA27,12714040.4%
      Plum, PA27,137982.3%
      Allen Park, MI27,089954.8%
      Lincoln, ON27,082n/a 
      Wilmette, IL27,11416564.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.