Hanover Park, IL Cost Of Living
Cost Of Living In Hanover Park, IL Summary
Cost of living in Hanover Park 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 Hanover Park 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 Hanover Park is 109, with 100 being the average.
The cost of living index in Hanover Park is 1.1x higher than the national average.
Hanover Park ranks as the #208 cheapest in Illinois out of 336.
Hanover Park ranks as the #3,556 cheapest out of 6,489 in the US.
The median home value in Hanover Park is $319,700.
The median income in Hanover Park is $92,263.
Table Of Contents
Hanover Park's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Hanover Park, IL?
According to the most recent data on the cost of living, Hanover Park has an overall cost of living index of 109, which is 1.1x higher than the national index of 100.
Compared to Illinois, Hanover Park has a cost of living index that's 1.1x higher than Illinois's index of 97.
The standard of living in Hanover Park ranks as #208 most affordable out of the 336 places we measured in Illinois. By definition, that implies Hanover Park ranks as the #128 most expensive place in the Prairie State.
For more reading on life in Hanover Park, check out:
In Illinois
In America
Hanover Park Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Hanover Park. Here is how it fairs on each of the criteria:
The Services index in Hanover Park is 109.
The Groceries index in Hanover Park is 102.
The Health index in Hanover Park is 109.
The Housing index in Hanover Park is 121.
The Transportation index in Hanover Park is 107.
The Utilities index in Hanover Park is 88.
| Living Expense | Hanover Park | Illinois | National Average | |
|---|---|---|---|---|
| Overall | 109 | 97 | 100 | |
| Services | 109 | 95 | 100 | |
| Groceries | 102 | 99 | 100 | |
| Health | 109 | 93 | 100 | |
| Housing | 121 | 95 | 100 | |
| Transportation | 107 | 102 | 100 | |
| Utilities | 88 | 91 | 100 | |
Hanover Park, IL Housing Cost Breakdown
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 2019-2023. The key points are:
The Median Home Value in Hanover Park is $319,700.
The Median Rent in Hanover Park is $1,478.
The Median Income in Hanover Park is $92,263.
The Home Value To Income in Hanover Park is 3.5x.
The Rent To Monthly Income in Hanover Park is 0.19x.
| Statistic | Hanover Park | Illinois | United States |
|---|---|---|---|
| Median Home Value | $319,700 | $283,508 | $303,400 |
| Median Rent | $1,478 | $1,227 | $1,348 |
| Median Income | $92,263 | $81,702 | $78,538 |
| Home Value To Income | 3.5x | 3.5x | 3.9x |
| Rent To Monthly Income | 0.19x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Hanover Park, IL Costs By Category
Detailed Hanover Park Services Costs Vs. Illinois
| Item | Hanover Park | Illinois |
|---|---|---|
| Shampoo | $1.27 | $1.28 |
| Movie | $17.91 | $12.13 |
| Bowling | $24.58 | $18 |
| Haircut | $33.69 | $24.26 |
| Beauty Salon | $53.44 | $45.56 |
Detailed Hanover Park Groceries Costs Vs. Illinois
| Item | Hanover Park | Illinois |
|---|---|---|
| Ground Beef | $5.28 | $5.84 |
| Fried Chicken | $1.42 | $1.57 |
| Milk | $4.87 | $4.67 |
| Potatoes | $4.9 | $4.93 |
| Pizza | $13.41 | $12.09 |
| Beer | $10.0 | $10.41 |
| Toothpaste | $3.75 | $3.7 |
Detailed Hanover Park Health Costs Vs. Illinois
| Item | Hanover Park | Illinois |
|---|---|---|
| Optometrist | $118.27 | $125.68 |
| Doctor | $167.67 | $135.78 |
| Dentist | $128.22 | $113.29 |
Detailed Hanover Park Transportation Costs Vs. Illinois
| Item | Hanover Park | Illinois |
|---|---|---|
| Gasoline | $3.56 | $3.46 |
| Tire Balancing | $70.87 | $59.92 |
Detailed Hanover Park Utilities Costs Vs. Illinois
| Item | Hanover Park | Illinois |
|---|---|---|
| All Electricity | $148.58 | $193.99 |
| Phone | $210.03 | $192.25 |
Hanover Park SnackAbility
/10
Cost Of Living In Cities Around Hanover Park
The cost of living varies in the cities and towns around Hanover Park. Here's a quick look at the cost of living in the most populous nearby places:
Schaumburg, IL has a cost of living index of 117, 1.1x Hanover Park.
Hoffman Estates, IL has a cost of living index of 118, 1.1x Hanover Park.
Glenview, IL has a cost of living index of 149, 1.4x Hanover Park.
| City | Population | Cost Of Living | Vs. Hanover Park |
|---|---|---|---|
| Schaumburg, IL | 76,780 | 117 | 1.1x |
| Hoffman Estates, IL | 51,186 | 118 | 1.1x |
| Glenview, IL | 47,682 | 149 | 1.4x |
| Elmhurst, IL | 45,538 | 139 | 1.3x |
| Buffalo Grove, IL | 42,824 | 125 | 1.1x |
| Bartlett, IL | 40,531 | 122 | 1.1x |
| Carol Stream, IL | 39,427 | 114 | 1.0x |
| Park Ridge, IL | 39,241 | 138 | 1.3x |
| Streamwood, IL | 39,055 | 111 | 1.0x |
| Northbrook, IL | 34,642 | 153 | 1.4x |
