Cost of Living in Wood Dale, IL

An Overview of Cost of Living in Wood Dale, IL

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

Housing costs significantly influence the Wood Dale 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 38.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Wood Dale Affordable?

Wondering if Wood Dale 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 Wood Dale, for example, the median home price is 33.4% higher than what folks pay nationally, and monthly rent is 50.5% higher than the usual rates. Plus, income levels matter too, with Wood Dale boasting a median household income of $75,521, which is 36.5% higher than the national average.

What Factors can Influence the Cost of Living in Wood Dale?

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Wood Dale, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 4.95%.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Wood Dale, the groceries index is 3.5% higher than the national average.

Where is the Data From?

The cost of living in Wood Dale, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.