Mount Prospect, IL Cost Of Living
Cost Of Living In Mount Prospect, IL Summary
Cost of living in Mount Prospect 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 Mount Prospect 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 Mount Prospect is 122, with 100 being the average.
The cost of living index in Mount Prospect is 1.2x higher than the national average.
Mount Prospect ranks as the #282 cheapest in Illinois out of 336.
Mount Prospect ranks as the #4,541 cheapest out of 6,489 in the US.
The median home value in Mount Prospect is $425,977.
The median income in Mount Prospect is $103,911.
Table Of Contents
Mount Prospect's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Mount Prospect, IL?
According to the most recent data on the cost of living, Mount Prospect has an overall cost of living index of 122, which is 1.2x higher than the national index of 100.
Compared to Illinois, Mount Prospect has a cost of living index that's 1.3x higher than Illinois's index of 97.
The standard of living in Mount Prospect ranks as #282 most affordable out of the 336 places we measured in Illinois. By definition, that implies Mount Prospect ranks as the #54 most expensive place in the Prairie State.
For more reading on life in Mount Prospect, check out:
In Illinois
In America
Mount Prospect Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Mount Prospect. Here is how it fairs on each of the criteria:
The Services index in Mount Prospect is 108.
The Groceries index in Mount Prospect is 105.
The Health index in Mount Prospect is 110.
The Housing index in Mount Prospect is 163.
The Transportation index in Mount Prospect is 106.
The Utilities index in Mount Prospect is 90.
| Living Expense | Mount Prospect | Illinois | National Average | |
|---|---|---|---|---|
| Overall | 122 | 97 | 100 | |
| Services | 108 | 95 | 100 | |
| Groceries | 105 | 99 | 100 | |
| Health | 110 | 93 | 100 | |
| Housing | 163 | 95 | 100 | |
| Transportation | 106 | 102 | 100 | |
| Utilities | 90 | 91 | 100 | |
Mount Prospect, 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 Mount Prospect is $425,977.
The Median Rent in Mount Prospect is $1,454.
The Median Income in Mount Prospect is $103,911.
The Home Value To Income in Mount Prospect is 4.1x.
The Rent To Monthly Income in Mount Prospect is 0.17x.
| Statistic | Mount Prospect | Illinois | United States |
|---|---|---|---|
| Median Home Value | $425,977 | $283,508 | $303,400 |
| Median Rent | $1,454 | $1,227 | $1,348 |
| Median Income | $103,911 | $81,702 | $78,538 |
| Home Value To Income | 4.1x | 3.5x | 3.9x |
| Rent To Monthly Income | 0.17x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Mount Prospect, IL Costs By Category
Detailed Mount Prospect Services Costs Vs. Illinois
| Item | Mount Prospect | 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 Mount Prospect Groceries Costs Vs. Illinois
| Item | Mount Prospect | 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 Mount Prospect Health Costs Vs. Illinois
| Item | Mount Prospect | Illinois |
|---|---|---|
| Optometrist | $118.27 | $125.68 |
| Doctor | $167.67 | $135.78 |
| Dentist | $128.22 | $113.29 |
Detailed Mount Prospect Transportation Costs Vs. Illinois
| Item | Mount Prospect | Illinois |
|---|---|---|
| Gasoline | $3.56 | $3.46 |
| Tire Balancing | $70.87 | $59.92 |
Detailed Mount Prospect Utilities Costs Vs. Illinois
| Item | Mount Prospect | Illinois |
|---|---|---|
| All Electricity | $148.58 | $193.99 |
| Phone | $210.03 | $192.25 |
Mount Prospect SnackAbility
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Cost Of Living In Cities Around Mount Prospect
The cost of living varies in the cities and towns around Mount Prospect. 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 124, 1.0x Mount Prospect.
Palatine, IL has a cost of living index of 116, 1.0x Mount Prospect.
Des Plaines, IL has a cost of living index of 113, 0.9x Mount Prospect.
| City | Population | Cost Of Living | Vs. Mount Prospect |
|---|---|---|---|
| Arlington Heights, IL | 76,220 | 124 | 1.0x |
| Palatine, IL | 66,548 | 116 | 1.0x |
| Des Plaines, IL | 59,408 | 113 | 0.9x |
| Glenview, IL | 47,682 | 149 | 1.2x |
| Elmhurst, IL | 45,538 | 139 | 1.1x |
| Buffalo Grove, IL | 42,824 | 125 | 1.0x |
| Park Ridge, IL | 39,241 | 138 | 1.1x |
| Wheeling, IL | 38,495 | 108 | 0.9x |
| Northbrook, IL | 34,642 | 153 | 1.3x |
| Highland Park, IL | 30,229 | 148 | 1.2x |
