Is Illinois a high cost of living state? (2023)

How much does it cost to live comfortably in Illinois?

The cost of living in Illinois is slightly lower than in the rest of the nation. Best Places ranks affordability on a scale above and below 100. If a place has a rating above 100, then it is more expensive than the national average. This group gives Illinois a score of 93.4 for overall affordability.

Another important consideration is affordability. According to worldpopulationreview.com, Hawaii is the most expensive state to live in, with its housing costing three times the national average. New York and California rank as the second and third most expensive states in which to live, respectively.

Avg. Base Salary (USD)

State Of Illinois pays an average salary of $74,750 and salaries range from a low of $64,910 to a high of $86,014.

Avg. Base Salary (USD)

State Of Illinois pays an average hourly rate of $36 and hourly wages range from a low of $31 to a high of $41.

In Illinois, per capita income stands at $66,860, higher than the national figure and the 10th highest among states.

Not only is Illinois a good state to live in, but it has actually been ranked as the 21st best place to live in the country. With a population of over 12.67 million people, Illinois is attracting thousands of young professionals, families, and retirees to the area every year.

Why are Illinois taxes so high?

Illinoisans face the second highest property tax rates in the country, in part because it has so many state employees with salaries and benefits over $100,000, and retirees with six-figure pensions.

"Full-time employee" means an individual who is employed for a basic wage for at least 35 hours each week or who renders any other standard of service generally accepted by industry custom or practice as full-time employment.

Illinois has a flat income tax of 4.95%. That means that everyone's income in Illinois is taxed at the same rate by the state Department of Revenue. No Illinois cities charge a municipal income tax on top of the state income tax.

So if an employee makes $15 an hour working 40 hours a week, they make about $31,200 (15 multiplied by 2,080).

What are the 5 poorest states?

These states and territories have the highest percentages of poverty in the country: Mississippi, Louisiana, New Mexico, Arkansas, West Virginia, Alabama, Kentucky, the District of Columbia, South Carolina, and Oklahoma.

Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%), and Minnesota (9.33%).

Centreville, Illinois - Wikipedia.

As a result, residents find a new state with more economic opportunities. Population loss is the main reason Illinois homes prices grew at lower rates compared to the rest of the country.

Naperville. Recently ranked as the wealthiest city in the midwest, Naperville is a western suburb of Chicago and is considered to be one of the safest cities in the country.

Illinois is a great place to travel, with so much to see and do. It is known for its abolition of slavery, its role in the Underground Railroad, and its contributions to the American automotive industry. Illinois is also home to the first McDonald's, Route 66, and the world's largest catsup bottle.

No other Midwestern or neighboring state saw a population decline of more than 17,000. The major reasons Illinoisans have chosen to leave the state are for better housing and employment opportunities, both of which have been made worse by poor public policy in Illinois.

Forbes lists 24 billionaires in Illinois. Copyright 2022 KFVS.

"People seem to be leaving to states with an improved business climate, lower taxes, and we would also say because that states with the worst government finances seem to be losing population the most," Weinberg said. Illinois, which has among the highest tax burdens in the nation, could be pricing people out.

Is Illinois a good state for taxes?

Corroborating reports show Illinoisans paid the nation's highest taxes in 2022, costing each family 16.8% of their annual income. The same family would pay less than 10% of their income to taxes in 30 other states.

If you ask foreigners what they liked most about Illinois, they will probably say the warm, friendly people. This hospitality, also known as “Midwest Nice,” is something that is felt throughout the state and travels with Illinoisans wherever they go.

Illinois is 5.2% more expensive than Wisconsin.

Two Chicago suburbs share the distinction of being named Illinois' safest city, each earning an excellent 0.91 Safety Index score: Warrenville, a modestly sized community in DuPage County, and Deerfield, a wealthy north shore suburb.

Illinois is 6.0% more expensive than Texas.

The states with the highest income tax for 2021 include California 13.3%, Hawaii 11%, New Jersey 10.75%, Oregon 9.9%, and Minnesota 9.85%. Eight states have no personal income tax, including Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.

Illinois: Sales Tax Handbook

Combined with the state sales tax, the highest sales tax rate in Illinois is 11.5% in the cities of Harvey, Harwood Heights, Matteson and Richton Park.

If you make $100,000 a year living in the region of Illinois, USA, you will be taxed $27,368. That means that your net pay will be $72,632 per year, or $6,053 per month.

What is the top 15 cheapest states to live in?

Buying a Car in New Hampshire

The verdict is fairly unanimous: New Hampshire is the cheapest state to buy a car. Autolist explains that the state doesn't charge sales tax on vehicles. In addition, the site reports that fees are low and insurance costs are low too.

If you make $60,000 a year living in the region of Illinois, USA, you will be taxed $13,528. That means that your net pay will be $46,472 per year, or $3,873 per month.

If you make $50,000 a year living in the region of Illinois, USA, you will be taxed $10,541. That means that your net pay will be $39,460 per year, or $3,288 per month.

For 2021, the official poverty threshold was $27,479 for a family of four.

$52,200 - $156,600. Upper income. More than $156,600. Pew has developed a calculator to determine income class, into which you can plug relevant financial, geographic and household information for a take on where you rank.

"To be middle class, a household of three would have an income between $40,000 and $154,000." A three-person middle-income household makes about $52,000 to $156,000 every year according to Pew's definition.

Is it worth it to live in Illinois?

Not only is Illinois a good state to live in, but it has actually been ranked as the 21st best place to live in the country. With a population of over 12.67 million people, Illinois is attracting thousands of young professionals, families, and retirees to the area every year.

As a result, residents find a new state with more economic opportunities. Population loss is the main reason Illinois homes prices grew at lower rates compared to the rest of the country.

The recommended salary in Chicago is $4,374 per month or $52,488 annually. This total reflects a salary that would allow a renter to live comfortably and afford to cover the median rent for a one-bedroom apartment which sits at $1,308.

If you make $70,000 a year living in the region of Illinois, USA, you will be taxed $16,988. That means that your net pay will be $53,012 per year, or $4,418 per month. Your average tax rate is 24.3% and your marginal tax rate is 34.6%.

Illinois (IL) Payroll Tax Rates in 2023

According to the Illinois Department of Revenue, all incomes are created equal: Employers are responsible for deducting a flat income tax rate of 4.95% for all employees.

Illinois' state minimum wage rate is $13.00 per hour. This is greater than the Federal Minimum Wage of $7.25. You are entitled to be paid the higher state minimum wage.

If you make $100,000 a year living in the region of Illinois, USA, you will be taxed $19,844. Your average tax rate is 15.01% and your marginal tax rate is 24%. This marginal tax rate means that your immediate additional income will be taxed at this rate.