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Cost of Living in Elgin, IL 



Elgin, a mid-sized city in Illinois state, is located in the Kane and Cook counties, approximately 35 miles northwest of Chicago, Illinois. Elgin is a fast-paced, densely populated city where people often live and work near one another. Elgin is a wonderful place to live. Elgin performs effectively across a wide range of factors and diversity. It’s true that Elgin has something to offer everyone, which makes it a wonderful location to call home. 

In Elgin, the population has considerably declined over the last five years. There is a total number of 116,137 residents with annual population growth rates of -0.3% and -0.7% for the last five years, respectively.

Elgin, Illinois has a typical household income of $61,079 and a median home value of $150,756. The yearly cost of living for a single adult in Elgin is $40,001, higher than Illinois’s annual cost of living of $37,387 and higher than the US average of $38,433. This sum accounts for the price of necessities including housing, food, childcare, transportation, health care, and taxes. 

While some individuals might choose a bigger city with more possibilities, others would prefer a smaller city with a close-knit community. What counts is whether a city satisfies the wants and aspirations of its residents. For a variety of reasons, living in a city may be fantastic and the cost is the most important aspect. Housing costs shouldn’t consume a lot of a person’s income. Then another important factor is job availability. A city should have a healthy economy and a variety of job opportunities. A city must also be secure. There shouldn’t be much crime, and people should feel safe wandering about at night. The facilities are also another essential component. A city has to have a variety of restaurants, bars, and other places to go out and have fun. The presence of parks and other natural spaces in a city is also alluring. A city should also be diversified. Different cultures and religions ought to be represented. Any area of the city should feel welcoming to residents. Elgin fulfills all of these requirements and that makes it a good place to live. 

Housing Cost in Elgin, IL 

One of the biggest contributors to the cost of living in Elgin, IL is housing. The typical house value is $177,500, which is lower than the $204,900 national average. 

Housing affordability is largely determined by local income in addition to house value. The cost of renting might occasionally be less expensive than buying a property. Less below the national average of 36.2%, Elgin has a renter rate of about 31.70% of all occupied residences. In comparison to the $1,023 median monthly rent throughout the country, the average renter in Elgin pays $1,065 a month for housing.

Healthcare Costs in Elgin, IL 

Assuming at least a minimal level of health insurance coverage, Elgin’s out-of-pocket medical costs and insurance premiums are close to the national average but lower than they are for all of Illinois.

The average annual cost of health care for a single adult resident in the region is $4,127, as opposed to an average of $4,566 for all of Illinois and $4,266 for all of the country.

Elgin, Illinois, has an overall health coverage rate of 88.4%, with 48.9% of residents under employee policies, 21% under Medicaid, 9.43% under Medicare, 8.62% under non-group insurance, and 0.44% on military or VA plans.

Food Costs in Elgin, IL 

Another regular element that significantly affects the entire cost of living is food. According to data from the U.S. Department of Agriculture, food prices vary from town to town and city to city.

In Elgin, the average yearly food expenditure for a single adult is $2,985 and for a family of four, it is $8,622. For comparison, the average yearly food expenditure in Illinois is $3,004 for an adult alone and $3,240 for a family of four. These calculations are based on the assumption that the meal would be prepared at home as part of a nutritionally balanced diet.

Transportation Costs in Elgin, IL 

The cost of living might also include transportation in large amounts. Compared to 85.5% of commuters overall, 90% of Elgin residents drive to work. An estimated 65.80% of Elgin residents travel to work outside the city, a higher percentage than the national average of 43.7% of commuters who do the same.

In comparison to the countrywide average travel time of 26.6 minutes, Elgin’s average commute time is 27.9 minutes. A single individual in Elgin spends $9,845 a year on transportation, roughly equal to the national average of $9,760 after accounting for petrol prices, costs associated with public transportation, and the upkeep of vehicles. 

The best way to navigate Elgin is by automobile, but there are other ways to travel around the city as well. Elgin has a walk score of 43, suggesting you’ll need a car to get about the city on foot. Taking public transit is also another option for getting about the city. A few close public transportation alternatives are available in Elgin, which has a transit score of 29. Bike rentals too are available in Elgin. There is some infrastructure for riding, with a bike score of 51.

Utility Costs in Elgin, IL 

The typical utility bill in Elgin, IL is $331 per month. Because the city has some of the country’s coldest weather, your utility expenses will be affected by this.

However, Elgin’s utility bills are far lower than the national average. Residents pay roughly $153 in average monthly electricity costs. That comes to $1,836 annually which is 29% less than the $2,573 national average electric cost.

Internet service is another necessary utility bill. You’ll pay about $65.50 per month for a 50 MBps internet connection with an unlimited data package. Elgin’s internet connections are extremely quick, making it an excellent location for remote workers who need a reliable internet connection.

Tax in Elgin, IL 

One of the few costs where there is such wide variation between cities and towns is taxes. After paying state and federal income taxes, Social Security benefits, and Medicare payroll taxes, the average adult working in Elgin, Illinois, receives an annual salary of $7,012. Comparing this price to the $6,458 state average reveals that it is quite expensive.

It is significant to highlight that other common taxes, such as sales, excise, and property taxes, are not taken into account in these computations. Elgin people live in a state with a low average tax burden when taking these taxes into account and leaving out federal taxes. 

Salary in Elgin, IL 

Elgin, Illinois’s average annual pay is $65k. In Q3 2022, wage trends climbed by 2.2%. Naturally, earnings will differ based on your profession, experience, and a variety of other things. 

The most in-demand jobs that pay between $40k and $109k annually in Elgin, Illinois are in Management, Legal Services, Healthcare, Artistry, Business, and Financial Operations. 

Please be aware that all salaries are estimates based on information provided by third parties.

Key Takeaways

Elgin’s housing costs are 8% less expensive than the national average, while its utility costs are 11% less expensive. Gas prices and transportation costs, such as bus fares, are 19% more than the national average.

Regardless of why you want to move to Elgin, IL, the city will always appeal to your motives for relocating there; whether it’s for a change of scenery or a job. Choosing a moving company is the first step in the moving process to Elgin and that is why you should contact the best movers in Elgin, IL to provide you with a seamless moving process. 

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