Homewood, IL Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Homewood, IL Summary

Cost of living in Homewood 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 Homewood 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 Homewood is 98, with 100 being the average.

  • The cost of living index in Homewood is 1.0x lower than the national average.

  • Homewood ranks as the #152 cheapest in Illinois out of 338.

  • Homewood ranks as the #2,890 cheapest out of 6,412 in the US.

  • The median home value in Homewood is $170,300.

  • The median income in Homewood is $81,940.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
98
Homewood's Overall Cost Of Living
1.0x
Lower Than The National Average

What is the cost of living in Homewood, IL?

According to the most recent data on the cost of living, Homewood has an overall cost of living index of 98, which is 1.0x lower than the national index of 100.

Compared to Illinois, Homewood has a cost of living index that's 1.1x higher than Illinois's index of 92.

The standard of living in Homewood ranks as #152 most affordable out of the 338 places we measured in Illinois. By definition, that implies Homewood ranks as the #186 most expensive place in the Prairie State.

For more reading on life in Homewood, check out:

152 out of 338
In Illinois
2,890 out of 6,412
In America

Homewood Cost Of Living Vs. Illinois

Six factors go into calculating the cost of living index in Homewood. Here is how it fairs on each of the criteria:

  • The Services index in Homewood is 98.

  • The Groceries index in Homewood is 96.

  • The Health index in Homewood is 112.

  • The Housing index in Homewood is 98.

  • The Transportation index in Homewood is 111.

  • The Utilities index in Homewood is 90.

Living Expense Homewood Illinois National Average
Overall 98 92 100
Services 98 95 100
Groceries 96 98 100
Health 112 96 100
Housing 98 81 100
Transportation 111 105 100
Utilities 90 90 100
For more reading on cost of living around Illinois, check out:
Homewood Cost of Living Vs. IL

Homewood, 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 2017-2021. The key points are:

  • The Median Home Value in Homewood is $170,300.

  • The Median Rent in Homewood is $1,211.

  • The Median Income in Homewood is $81,940.

  • The Home Value To Income in Homewood is 2.1x.

  • The Rent To Monthly Income in Homewood is 0.18x.

Statistic Homewood Illinois United States
Median Home Value $170,300 $212,600 $244,900
Median Rent $1,211 $1,097 $1,163
Median Income $81,940 $72,563 $69,021
Home Value To Income 2.1x 2.9x 3.5x
Rent To Monthly Income 0.18x 0.18x 0.2x
Search Homes For Sale In Homewood, IL
$170,300
Median Home Value
$1,211
Median Rent
$81,940
Median Income

Homewood, IL Costs By Category

Detailed Homewood Services Costs Vs. Illinois

Item Homewood Illinois
Shampoo $1.08 $1.06
Movie $10.54 $10.68
Bowling $15.5 $14.67
Haircut $20.12 $18.62
Beauty Salon $37.89 $39.05

Detailed Homewood Groceries Costs Vs. Illinois

Item Homewood Illinois
Ground Beef $4.97 $4.22
Fried Chicken $1.29 $1.39
Milk $1.69 $2.05
Potatoes $3.81 $3.29
Pizza $10.98 $10.62
Beer $8.53 $9.38
Toothpaste $2.73 $2.34

Detailed Homewood Health Costs Vs. Illinois

Item Homewood Illinois
Optometrist $107.11 $108.57
Doctor $157.4 $116.17
Dentist $103.57 $99.13

Detailed Homewood Transportation Costs Vs. Illinois

Item Homewood Illinois
Gasoline $2.4 $2.22
Tire Balancing $56.78 $50.07

Detailed Homewood Utilities Costs Vs. Illinois

Item Homewood Illinois
All Electricity $130.12 $167.67
Phone $191.29 $175.64

Homewood SnackAbility

7
/10
Overall SnackAbility
Jobs
8.5/10
Housing
8
Affordability
8.5
Diversity
9
Safety
8
Amenities
9
Education
9
Commute
4

Cost Of Living In Cities Around Homewood

The cost of living varies in the cities and towns around Homewood. Here's a quick look at the cost of living in the most populous nearby places:

  • Orland Park, IL has a cost of living index of 112, 1.1x Homewood.

  • Tinley Park, IL has a cost of living index of 105, 1.1x Homewood.

  • Chicago Heights, IL has a cost of living index of 90, 0.9x Homewood.

City Population Cost Of Living Vs. Homewood
Orland Park, IL 58,622 112 1.1x
Tinley Park, IL 55,988 105 1.1x
Chicago Heights, IL 27,840 90 0.9x
Oak Forest, IL 27,445 99 1.0x
Harvey, IL 20,751 91 0.9x
Lemont, IL 17,535 118 1.2x
Country Club Hills, IL 16,746 97 1.0x
Hazel Crest, IL 13,727 94 1.0x
Palos Heights, IL 12,116 124 1.3x
Markham, IL 11,733 96 1.0x

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