Cost of Living in Highland Park, IL
Cost of Living in Highland Park, IL has an overall index of 156, 56% above the U.S. baseline of 100. The typical home value is $740,126; typical monthly rent is $1,903; and median household income is $161,875.
Cost index: committed city housing/rent inputs and BEA 2024 metro-area price parities. Home value: Zillow ZHVI market signal as of 2026-02. Rent: Census ACS 2023 fallback place estimate. A place-level signal, not a personal affordability decision or financial recommendation.
Housing costs sit well above the national baseline. This describes the local market, not your household.
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Frequently asked questions about Highland Park
Living in Highland Park
Is Highland Park, IL an expensive place to live?+
Yes — Highland Park is about 56% more expensive than the national average, with an overall Cost Index of 156. Housing is the biggest factor: the typical home here is valued around $740,126, and monthly rents average roughly $1,903. Day-to-day costs like groceries and utilities tend to run higher than average as well.
How does Highland Park fit a household housing budget?+
Start with housing. Typical monthly rent is $1,903, while local median household income is $161,875. That implies a rent-burden proxy of about 14% before utilities and other costs. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Highland Park, IL?+
Illinois uses a flat model; 4.95% is top marginal-rate context. Applying the 2.07% state-level effective owner-occupied proxy to a home worth $740,126 gives a planning estimate near $15,321 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 8.82%.
How much does it cost to rent in Highland Park, IL?+
The typical monthly rent in Highland Park is around $1,903. That's about 41% higher than the $1,348 national median. For comparison, the median home value here is $740,126, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Highland Park, IL?+
The typical home value in Highland Park is $740,126. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $3,592/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 84% of residents here own their homes.
Are groceries and utilities expensive in Highland Park?+
Grocery prices in Highland Park are noticeably pricier compared to the rest of the US (index: 107, where 100 is the national average). Utility bills (electricity, gas, water) are below average (index: 84). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.
What is Highland Park, IL like to live in?+
Highland Park is a smaller city with a population of about 30,229. The median age of residents is 46, skewing somewhat older — common in established suburban communities. The local poverty rate is 3.26%, well below the national average of 12.4%.