Homewood, IL Cost Of Living
Cost Of Living In Homewood, IL Summary
Cost of living in Homewood 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 Homewood 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 Homewood is 98, with 100 being the average.
The cost of living index in Homewood is 1.0x lower than the national average.
Homewood ranks as the #152 cheapest in Illinois out of 338.
Homewood ranks as the #2,890 cheapest out of 6,412 in the US.
The median home value in Homewood is $170,300.
The median income in Homewood is $81,940.
Table Of Contents
Homewood's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Homewood, IL?
According to the most recent data on the cost of living, Homewood has an overall cost of living index of 98, which is 1.0x lower than the national index of 100.
Compared to Illinois, Homewood has a cost of living index that's 1.1x higher than Illinois's index of 92.
The standard of living in Homewood ranks as #152 most affordable out of the 338 places we measured in Illinois. By definition, that implies Homewood ranks as the #186 most expensive place in the Prairie State.
For more reading on life in Homewood, check out:
- Living In Homewood
- Homewood Crime Report
- Search Homes For Sale In Homewood, IL
In Illinois
In America
Homewood Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Homewood. Here is how it fairs on each of the criteria:
The Services index in Homewood is 98.
The Groceries index in Homewood is 96.
The Health index in Homewood is 112.
The Housing index in Homewood is 98.
The Transportation index in Homewood is 111.
The Utilities index in Homewood is 90.
| Living Expense | Homewood | Illinois | National Average | |
|---|---|---|---|---|
| Overall | 98 | 92 | 100 | |
| Services | 98 | 95 | 100 | |
| Groceries | 96 | 98 | 100 | |
| Health | 112 | 96 | 100 | |
| Housing | 98 | 81 | 100 | |
| Transportation | 111 | 105 | 100 | |
| Utilities | 90 | 90 | 100 | |
Homewood, IL Housing Cost Breakdown
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 Homewood is $170,300.
The Median Rent in Homewood is $1,211.
The Median Income in Homewood is $81,940.
The Home Value To Income in Homewood is 2.1x.
The Rent To Monthly Income in Homewood is 0.18x.
| Statistic | Homewood | Illinois | United States |
|---|---|---|---|
| Median Home Value | $170,300 | $212,600 | $244,900 |
| Median Rent | $1,211 | $1,097 | $1,163 |
| Median Income | $81,940 | $72,563 | $69,021 |
| Home Value To Income | 2.1x | 2.9x | 3.5x |
| Rent To Monthly Income | 0.18x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Homewood, IL Costs By Category
Detailed Homewood Services Costs Vs. Illinois
Detailed Homewood Groceries Costs Vs. Illinois
Detailed Homewood Health Costs Vs. Illinois
Detailed Homewood Transportation Costs Vs. Illinois
Detailed Homewood Utilities Costs Vs. Illinois
Homewood SnackAbility
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Cost Of Living In Cities Around Homewood
The cost of living varies in the cities and towns around Homewood. Here's a quick look at the cost of living in the most populous nearby places:
Orland Park, IL has a cost of living index of 112, 1.1x Homewood.
Tinley Park, IL has a cost of living index of 105, 1.1x Homewood.
Chicago Heights, IL has a cost of living index of 90, 0.9x Homewood.
| City | Population | Cost Of Living | Vs. Homewood |
|---|---|---|---|
| Orland Park, IL | 58,622 | 112 | 1.1x |
| Tinley Park, IL | 55,988 | 105 | 1.1x |
| Chicago Heights, IL | 27,840 | 90 | 0.9x |
| Oak Forest, IL | 27,445 | 99 | 1.0x |
| Harvey, IL | 20,751 | 91 | 0.9x |
| Lemont, IL | 17,535 | 118 | 1.2x |
| Country Club Hills, IL | 16,746 | 97 | 1.0x |
| Hazel Crest, IL | 13,727 | 94 | 1.0x |
| Palos Heights, IL | 12,116 | 124 | 1.3x |
| Markham, IL | 11,733 | 96 | 1.0x |
