Inverness, IL Cost Of Living
Cost Of Living In Inverness, IL Summary
Cost of living in Inverness 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 Inverness 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 Inverness is 170, with 100 being the average.
The cost of living index in Inverness is 1.7x higher than the national average.
Inverness ranks as the #332 cheapest in Illinois out of 338.
Inverness ranks as the #6,123 cheapest out of 6,412 in the US.
The median home value in Inverness is $640,700.
The median income in Inverness is $190,458.
Table Of Contents
Inverness's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Inverness, IL?
According to the most recent data on the cost of living, Inverness has an overall cost of living index of 170, which is 1.7x higher than the national index of 100.
Compared to Illinois, Inverness has a cost of living index that's 1.8x higher than Illinois's index of 92.
The standard of living in Inverness ranks as #332 most affordable out of the 338 places we measured in Illinois. By definition, that implies Inverness ranks as the #6 most expensive place in the Prairie State.
For more reading on life in Inverness, check out:
- Living In Inverness
- Inverness Crime Report
- Search Homes For Sale In Inverness, IL
In Illinois
In America
Inverness Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Inverness. Here is how it fairs on each of the criteria:
The Services index in Inverness is 115.
The Groceries index in Inverness is 106.
The Health index in Inverness is 100.
The Housing index in Inverness is 317.
The Transportation index in Inverness is 115.
The Utilities index in Inverness is 91.
| Living Expense | Inverness | Illinois | National Average | |
|---|---|---|---|---|
| Overall | 170 | 92 | 100 | |
| Services | 115 | 95 | 100 | |
| Groceries | 106 | 98 | 100 | |
| Health | 100 | 96 | 100 | |
| Housing | 317 | 81 | 100 | |
| Transportation | 115 | 105 | 100 | |
| Utilities | 91 | 90 | 100 | |
Inverness, 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 Inverness is $640,700.
The Median Rent in Inverness is $1,828.
The Median Income in Inverness is $190,458.
The Home Value To Income in Inverness is 3.4x.
The Rent To Monthly Income in Inverness is 0.12x.
| Statistic | Inverness | Illinois | United States |
|---|---|---|---|
| Median Home Value | $640,700 | $212,600 | $244,900 |
| Median Rent | $1,828 | $1,097 | $1,163 |
| Median Income | $190,458 | $72,563 | $69,021 |
| Home Value To Income | 3.4x | 2.9x | 3.5x |
| Rent To Monthly Income | 0.12x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Inverness, IL Costs By Category
Detailed Inverness Services Costs Vs. Illinois
Detailed Inverness Groceries Costs Vs. Illinois
Detailed Inverness Health Costs Vs. Illinois
Detailed Inverness Transportation Costs Vs. Illinois
Detailed Inverness Utilities Costs Vs. Illinois
Inverness SnackAbility
/10
Cost Of Living In Cities Around Inverness
The cost of living varies in the cities and towns around Inverness. Here's a quick look at the cost of living in the most populous nearby places:
Schaumburg, IL has a cost of living index of 117, 0.7x Inverness.
Palatine, IL has a cost of living index of 117, 0.7x Inverness.
Hoffman Estates, IL has a cost of living index of 118, 0.7x Inverness.
| City | Population | Cost Of Living | Vs. Inverness |
|---|---|---|---|
| Schaumburg, IL | 78,053 | 117 | 0.7x |
| Palatine, IL | 67,754 | 117 | 0.7x |
| Hoffman Estates, IL | 52,153 | 118 | 0.7x |
| Glenview, IL | 48,150 | 147 | 0.9x |
| Elmhurst, IL | 45,661 | 131 | 0.8x |
| Buffalo Grove, IL | 43,062 | 121 | 0.7x |
| Park Ridge, IL | 39,562 | 131 | 0.8x |
| Northbrook, IL | 35,108 | 156 | 0.9x |
| Highland Park, IL | 30,245 | 152 | 0.9x |
| Wilmette, IL | 27,895 | 166 | 1.0x |
