Cost of living in South Beloit 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 South Beloit 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 South Beloit is 86, with 100 being the average.
The cost of living index in South Beloit is 0.9x lower than the national average.
South Beloit ranks as the #61 cheapest in Illinois out of 338.
South Beloit ranks as the #938 cheapest out of 6,412 in the US.
The median home value in South Beloit is $128,400.
The median income in South Beloit is $65,218.
According to the most recent data on the cost of living, South Beloit has an overall cost of living index of 86, which is 0.9x lower than the national index of 100.
Compared to Illinois, South Beloit has a cost of living index that's 0.9x lower than Illinois's index of 92.
The standard of living in South Beloit ranks as #61 most affordable out of the 338 places we measured in Illinois. By definition, that implies South Beloit ranks as the #277 most expensive place in the Prairie State.
For more reading on life in South Beloit, check out:
Six factors go into calculating the cost of living index in South Beloit. Here is how it fairs on each of the criteria:
The Services index in South Beloit is 95.
The Groceries index in South Beloit is 95.
The Health index in South Beloit is 110.
The Housing index in South Beloit is 68.
The Transportation index in South Beloit is 107.
The Utilities index in South Beloit is 87.
|Living Expense||South Beloit||Illinois||National Average|
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 South Beloit is $128,400.
The Median Rent in South Beloit is $846.
The Median Income in South Beloit is $65,218.
The Home Value To Income in South Beloit is 2.0x.
The Rent To Monthly Income in South Beloit is 0.16x.
|Statistic||South Beloit||Illinois||United States|
|Median Home Value||$128,400||$212,600||$244,900|
|Home Value To Income||2.0x||2.9x||3.5x|
|Rent To Monthly Income||0.16x||0.18x||0.2x|
The cost of living varies in the cities and towns around South Beloit. Here's a quick look at the cost of living in the most populous nearby places:
Rockford, IL has a cost of living index of 86, 1.0x South Beloit.
Janesville, WI has a cost of living index of 91, 1.1x South Beloit.
Beloit, WI has a cost of living index of 85, 1.0x South Beloit.
|City||Population||Cost Of Living||Vs. South Beloit|
|Loves Park, IL||23,223||86||1.0x|
|Machesney Park, IL||22,870||88||1.0x|
|Candlewick Lake, IL||5,154||93||1.1x|