Cost of living in Elgin research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Elgin is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Illinois, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Elgin is 103, with 100 being the average.
The cost of living index in Elgin is 1.0x higher than the national average.
Elgin ranks as the #186 cheapest in Illinois out of 338.
Elgin ranks as the #3,487 cheapest out of 6,412 in the US.
The median home value in Elgin is $206,800.
The median income in Elgin is $79,757.
According to the most recent data on the cost of living, Elgin has an overall cost of living index of 103, which is 1.0x higher than the national index of 100.
Compared to Illinois, Elgin has a cost of living index that's 1.1x higher than Illinois's index of 92.
The standard of living in Elgin ranks as #186 most affordable out of the 338 places we measured in Illinois. By definition, that implies Elgin ranks as the #152 most expensive place in the Prairie State.
For more reading on life in Elgin, check out:
Six factors go into calculating the cost of living index in Elgin. Here is how it fairs on each of the criteria:
The Services index in Elgin is 114.
The Groceries index in Elgin is 106.
The Health index in Elgin is 99.
The Housing index in Elgin is 92.
The Transportation index in Elgin is 112.
The Utilities index in Elgin is 94.
|Living Expense||Elgin||Illinois||National Average|
Housing swings affordability the most between places in Illinois, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Elgin is $206,800.
The Median Rent in Elgin is $1,116.
The Median Income in Elgin is $79,757.
The Home Value To Income in Elgin is 2.6x.
The Rent To Monthly Income in Elgin is 0.17x.
|Median Home Value||$206,800||$212,600||$244,900|
|Home Value To Income||2.6x||2.9x||3.5x|
|Rent To Monthly Income||0.17x||0.18x||0.2x|
The cost of living varies in the cities and towns around Elgin. Here's a quick look at the cost of living in the most populous nearby places:
Arlington Heights, IL has a cost of living index of 125, 1.2x Elgin.
Mount Prospect, IL has a cost of living index of 121, 1.2x Elgin.
Wheaton, IL has a cost of living index of 118, 1.1x Elgin.
|City||Population||Cost Of Living||Vs. Elgin|
|Arlington Heights, IL||77,283||125||1.2x|
|Mount Prospect, IL||56,510||121||1.2x|
|Hoffman Estates, IL||52,153||118||1.1x|
|Glen Ellyn, IL||28,506||132||1.3x|
|South Elgin, IL||23,749||105||1.0x|
|Lake Zurich, IL||19,807||125||1.2x|