Cost of Living in Channel Lake, IL

With a cost of living index of 99, Channel Lake, IL is right around the national average in cost. Living here is 1% cheaper than the national average and 20% above the Illinois state average of 80. Channel Lake is a small community of 1,988 residents.

Housing costs are the biggest factor in Channel Lake's cost of living. The median monthly rent is $1,526 (16% above the US median of $1,319), and the median home value sits at $210,400 (31% below the national median of $304,900). At current prices, the median home costs roughly 3.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Channel Lake is $63,958, which is 15% lower than the national median of $75,149. Residents spend roughly 29% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

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.