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 121, which is 1.2x higher than the national index of 100.
Compared to Illinois, Mount Prospect has a cost of living index that's 1.2x higher than Illinois's index of 98.
The standard of living in Mount Prospect ranks as #284 most affordable out of the 336 places we measured in Illinois. By definition, that implies Mount Prospect ranks as the #52 most expensive place in the Prairie State.
For more reading on life in Mount Prospect, check out:
Mount Prospect Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Mount Prospect. Here is how it fares on each of the criteria:
The Services index in Mount Prospect is 101.
The Groceries index in Mount Prospect is 101.
The Health index in Mount Prospect is 164.
The Housing index in Mount Prospect is 99.
The Transportation index in Mount Prospect is 102.
The Utilities index in Mount Prospect is 100.
| Living Expense | Mount Prospect | Illinois | National Average |
|---|---|---|---|
| Overall | 121 | 98 | 100 |
| Services | 101 | 99 | 100 |
| Groceries | 101 | 99 | 100 |
| Health | 164 | 96 | 100 |
| Housing | 99 | 101 | 100 |
| Transportation | 102 | 99 | 100 |
| Utilities | 100 | 101 | 100 |
Mount Prospect 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 Mount Prospect Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Mount Prospect is $433,813.
The Median Rent in Mount Prospect is $1,502.
The Median Income in Mount Prospect is $101,720.
The Home Value To Income in Mount Prospect is 4.3x.
The Rent To Monthly Income in Mount Prospect is 0.18x.
| Statistic | Mount Prospect | Illinois | United States |
|---|---|---|---|
| Median Home Value | $433,813 | $285,735 | $332,700 |
| Median Rent | $1,502 | $1,274 | $1,413 |
| Median Income | $101,720 | $83,390 | $80,734 |
| Home Value To Income | 4.3x | 3.4x | 4.1x |
| Rent To Monthly Income | 0.18x | 0.18x | 0.21x |
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
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 125, 1.0x Mount Prospect.
Palatine, IL has a cost of living index of 113, 0.9x Mount Prospect.
Des Plaines, IL has a cost of living index of 110, 0.9x Mount Prospect.
| City | Population | Cost Of Living | Vs. Mount Prospect |
|---|---|---|---|
| Arlington Heights, IL | 76,005 | 125 | 1.0x |
| Palatine, IL | 66,293 | 113 | 0.9x |
| Des Plaines, IL | 59,156 | 110 | 0.9x |
| Glenview, IL | 47,752 | 146 | 1.2x |
| Elmhurst, IL | 45,671 | 134 | 1.1x |
| Buffalo Grove, IL | 42,891 | 126 | 1.0x |
| Park Ridge, IL | 38,667 | 135 | 1.1x |
| Wheeling, IL | 38,433 | 103 | 0.9x |
| Northbrook, IL | 34,585 | 151 | 1.2x |
| Highland Park, IL | 30,398 | 144 | 1.2x |
