Cost of Living in Deerfield, IL
Housing
The housing market plays a significant role in determining the cost of living in Deerfield, IL.
- Housing Index: 115.0 / 100
- Median Home Price is: $526,000
- Average Rent (2 BR Apartment): $2200 per month
- Average Rent (2 BR House): $2240 per month
When considering a move to Deerfield, IL, the housing index stands at 115.0, indicating it is slightly above the national average. With a median home price of 526000, purchasing a property can be a significant investment. You should also weigh the rental options: the average rent for a 2-bedroom apartment is 2200, while a 2-bedroom house averages 2240. These factors suggest that if you're looking for long-term stability, investing in a home might be more economical compared to renting, given the high rental rates. However, consider the community and amenities that this area offers to make a well-rounded decision.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Deerfield, IL.
- Electricity Price: $16.15 USD (median by state)
- Natural Gas Price: $16.59 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $280 per month
Living in Deerfield, IL could entail higher utility costs. Electricity costs sit at $16.15, while natural gas is priced at $16.59 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $280 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Deerfield is a financially viable option for your relocation.