Cost of Living in Elgin, IL
Housing
The housing market plays a significant role in determining the cost of living in Elgin, IL.
- Housing Index: 115.0 / 100
- Median Home Price is: $292000
- Average Rent (2 BR Apartment): $1600 per month
- Average Rent (2 BR House): $1650 per month
Considering the housing data for Elgin, IL, the housing index stands at 115.0, indicating that housing costs are 15% above the national average. The median home price of 292000 suggests that buying may be an investment, yet it's vital to weigh this against the average rent for a 2-bedroom apartment at 1600 and a house at 1650. As rental prices can significantly impact your monthly budget, potential residents should also consider the area's overall amenities and job market before finalizing their decision.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Elgin, 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.): $250 per month
Living in Elgin, 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 $250 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 Elgin is a financially viable option for your relocation.