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 100, which is 1.0x lower than the national index of 100.
Compared to Illinois, Homewood has a cost of living index that's 1.0x higher than Illinois's index of 98.
The standard of living in Homewood ranks as #144 most affordable out of the 336 places we measured in Illinois. By definition, that implies Homewood ranks as the #192 most expensive place in the Prairie State.
For more reading on life in Homewood, check out:
Homewood Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Homewood. Here is how it fares on each of the criteria:
The Services index in Homewood is 99.
The Groceries index in Homewood is 98.
The Health index in Homewood is 99.
The Housing index in Homewood is 104.
The Transportation index in Homewood is 98.
The Utilities index in Homewood is 97.
| Living Expense | Homewood | Illinois | National Average |
|---|---|---|---|
| Overall | 100 | 98 | 100 |
| Services | 99 | 99 | 100 |
| Groceries | 98 | 99 | 100 |
| Health | 99 | 96 | 100 |
| Housing | 104 | 101 | 100 |
| Transportation | 98 | 99 | 100 |
| Utilities | 97 | 101 | 100 |
Homewood Cost Of Living Compared To Illinois Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Illinois, check out:
Protect your home budget Compare home warranties in Homewood Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
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 2020-2024. The key points are:
The Median Home Value in Homewood is $243,247.
The Median Rent in Homewood is $1,333.
The Median Income in Homewood is $100,139.
The Home Value To Income in Homewood is 2.4x.
The Rent To Monthly Income in Homewood is 0.16x.
Homewood, IL Costs By Category
Detailed Homewood Services costs vs. Illinois
Detailed Homewood Groceries costs vs. Illinois
Detailed Homewood Health costs vs. Illinois
Detailed Homewood Transportation costs vs. Illinois
Homewood SnackAbility
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 114, 1.1x Homewood.
Tinley Park, IL has a cost of living index of 111, 1.1x Homewood.
Oak Forest, IL has a cost of living index of 106, 1.1x Homewood.
| City | Population | Cost Of Living | Vs. Homewood |
|---|---|---|---|
| Orland Park, IL | 57,916 | 114 | 1.1x |
| Tinley Park, IL | 54,842 | 111 | 1.1x |
| Oak Forest, IL | 26,805 | 106 | 1.1x |
| Chicago Heights, IL | 26,736 | 92 | 0.9x |
| Harvey, IL | 20,230 | 88 | 0.9x |
| Lemont, IL | 17,820 | 123 | 1.2x |
| Country Club Hills, IL | 16,324 | 99 | 1.0x |
| Hazel Crest, IL | 13,792 | 95 | 0.9x |
| Palos Heights, IL | 12,152 | 120 | 1.2x |
| Markham, IL | 11,355 | 95 | 0.9x |
