Mount Prospect, IL Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2020-03-08
Mount Prospect's Overall Cost Of Living
Higher Than The National Average
The cost of living index is set to 100 for the average place in America. An index above 100 means Mount Prospect is expensive, while a number below 100 means it's a relatively cheap place to live.

What is the cost of living in Mount Prospect, IL?

According to the most recent data on the cost of living, Mount Prospect has an overall cost of living index of 118 which is 1.2x higher than the national index of 100.

Compared to only Illinois, Mount Prospect has a cost of living index that's 1.2x higher than Illinois's index of 98.

The standard of living in Mount Prospect ranks as #4691 most affordable out of the 6522 places we measured in Illinois. By definition, that implies Mount Prospect ranks as the #1716 most expensive place in the Prairie State.

For more reading on life in Mount Prospect, check out:

Mount Prospect Cost Of Living Vs. Illinois

Living Expense Mount Prospect Illinois National Average
Overall 118 98 100
Services 109 98 100
Groceries 104 97 100
Health 100 100 100
Housing 143 95 100
Transportation 125 112 100
Utilities 93 97 100
For more reading on cost of living around Illinois, check out:
Mount Prospect Cost of Living Vs. IL

Mount Prospect, IL Housing Cost Breakdown

Housing swings affordability the most between places in Illinois, so we broke down the statistics around housing costs into more detail. It's also important to consider median household incomes to make apples-to-apples comparisons across locations.

Home and income come data comes from the most recent US Census ACS 2014-2018.

Median Home Value
Median Rent
Median Income
Statistic Mount Prospect Illinois United States
Median Home Value $321,700 $187,200 $204,900
Median Rent $1,100 $984 $1,023
Median Income $73,652 $63,575 $60,293
Home Value To Income 4.4x 2.9x 3.4x
Rent To Monthly Income 0.18x 0.19x 0.2x

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Cost Of Living In Cities Around Mount Prospect

City Population Cost Of Living Vs. Mount Prospect
Arlington Heights, IL 75,724 123 1.0x
Palatine, IL 68,847 116 1.0x
Des Plaines, IL 58,694 112 0.9x
Glenview, IL 47,333 145 1.2x
Elmhurst, IL 46,331 132 1.1x
Buffalo Grove, IL 41,329 123 1.0x
Wheeling, IL 38,424 106 0.9x
Park Ridge, IL 37,764 132 1.1x
Northbrook, IL 33,463 153 1.3x
Highland Park, IL 29,731 151 1.3x

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