Cost of Living in Calumet Park, IL

With a cost of living index of 86, Calumet Park, IL is a very affordable place to live. Living here is 14% cheaper than the national average and 6% above the Illinois state average of 80. Calumet Park is a smaller community of 6,836 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Calumet Park's cost of living. The median monthly rent is $1,157 (12% below the US median of $1,319), and the median home value sits at $180,800 (41% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Calumet Park is $57,389, which is 24% lower than the national median of $75,149. Residents spend roughly 24% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Chicago-Naperville-Elgin, IL-IN (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.