Summit, IL Cost Of Living
Cost Of Living In Summit, IL Summary
Cost of living in Summit 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 Summit 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 Summit is 104, with 100 being the average.
The cost of living index in Summit is 1.0x higher than the national average.
Summit ranks as the #193 cheapest in Illinois out of 338.
Summit ranks as the #3,585 cheapest out of 6,412 in the US.
The median home value in Summit is $192,800.
The median income in Summit is $48,929.
Table Of Contents
Summit's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Summit, IL?
According to the most recent data on the cost of living, Summit has an overall cost of living index of 104, which is 1.0x higher than the national index of 100.
Compared to Illinois, Summit has a cost of living index that's 1.1x higher than Illinois's index of 92.
The standard of living in Summit ranks as #193 most affordable out of the 338 places we measured in Illinois. By definition, that implies Summit ranks as the #145 most expensive place in the Prairie State.
For more reading on life in Summit, check out:
- Living In Summit
- Summit Crime Report
- Search Homes For Sale In Summit, IL
In Illinois
In America
Summit Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Summit. Here is how it fairs on each of the criteria:
The Services index in Summit is 114.
The Groceries index in Summit is 109.
The Health index in Summit is 97.
The Housing index in Summit is 85.
The Transportation index in Summit is 115.
The Utilities index in Summit is 92.
| Living Expense | Summit | Illinois | National Average | |
|---|---|---|---|---|
| Overall | 104 | 92 | 100 | |
| Services | 114 | 95 | 100 | |
| Groceries | 109 | 98 | 100 | |
| Health | 97 | 96 | 100 | |
| Housing | 85 | 81 | 100 | |
| Transportation | 115 | 105 | 100 | |
| Utilities | 92 | 90 | 100 | |
Summit, 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 Summit is $192,800.
The Median Rent in Summit is $919.
The Median Income in Summit is $48,929.
The Home Value To Income in Summit is 3.9x.
The Rent To Monthly Income in Summit is 0.23x.
| Statistic | Summit | Illinois | United States |
|---|---|---|---|
| Median Home Value | $192,800 | $212,600 | $244,900 |
| Median Rent | $919 | $1,097 | $1,163 |
| Median Income | $48,929 | $72,563 | $69,021 |
| Home Value To Income | 3.9x | 2.9x | 3.5x |
| Rent To Monthly Income | 0.23x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Summit, IL Costs By Category
Detailed Summit Services Costs Vs. Illinois
Detailed Summit Groceries Costs Vs. Illinois
Detailed Summit Health Costs Vs. Illinois
Detailed Summit Transportation Costs Vs. Illinois
Detailed Summit Utilities Costs Vs. Illinois
Summit SnackAbility
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Cost Of Living In Cities Around Summit
The cost of living varies in the cities and towns around Summit. Here's a quick look at the cost of living in the most populous nearby places:
Naperville, IL has a cost of living index of 125, 1.2x Summit.
Wheaton, IL has a cost of living index of 118, 1.1x Summit.
Elmhurst, IL has a cost of living index of 131, 1.3x Summit.
| City | Population | Cost Of Living | Vs. Summit |
|---|---|---|---|
| Naperville, IL | 149,013 | 125 | 1.2x |
| Wheaton, IL | 53,762 | 118 | 1.1x |
| Elmhurst, IL | 45,661 | 131 | 1.3x |
| Park Ridge, IL | 39,562 | 131 | 1.3x |
| Glen Ellyn, IL | 28,506 | 132 | 1.3x |
| Darien, IL | 22,087 | 111 | 1.1x |
| Brookfield, IL | 19,517 | 110 | 1.1x |
| Hinsdale, IL | 17,148 | 193 | 1.9x |
| Justice, IL | 12,625 | 105 | 1.0x |
| Burr Ridge, IL | 11,167 | 165 | 1.6x |
