Prospect Heights, IL

Living costs in Prospect Heights land close to the national average, with a Cost Index of 106 (where 100 = the US baseline). Housing is the largest variable: the median home value here is $356,014, and typical monthly rents run around $1,391. Groceries and utilities are slightly above what you would find in most US cities.

Start with housing. Typical monthly rent is $1,391, while local median household income is $91,599. That implies a rent-burden proxy of about 18% before utilities and other costs. For a specific job offer, filing status, or take-home pay scenario, use salary.city.

Illinois has a progressive state income tax with a top rate of 4.95%. The effective property tax rate is 2.07%. On a home worth $356,014, that translates to roughly $7,369 per year in property taxes. Sales tax (state + local) averages around 8.82% on everyday purchases.

The typical monthly rent in Prospect Heights is around $1,391. That's close to the $1,348 national median. For comparison, the median home value here is $356,014, so buyers should also factor in mortgage payments, property taxes, and insurance.

The median home in Prospect Heights is valued at $356,014. With 20% down and a 6.5% mortgage rate, you'd be looking at roughly $1,800/month for principal and interest alone — before property taxes and insurance. About 64% of residents here own their homes.

Grocery prices in Prospect Heights 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.

Prospect Heights is a small town with a population of about 15,681. The median age of residents is 41, which is close to the national median. The local poverty rate is 5.88%, well below the national average of 12.4%.