Cost of Living in Crestwood, IL

With a cost of living index of 91, Crestwood, IL is slightly more affordable than average. Living here is 9% cheaper than the national average and 11% above the Illinois state average of 80. Crestwood is a smaller community of 10,622 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Crestwood's cost of living. The median monthly rent is $1,300 (1% below the US median of $1,319), and the median home value sits at $187,700 (38% below the national median of $304,900). At current prices, the median home costs roughly 2.7x the median household income — well within traditional affordability guidelines.

The median household income in Crestwood is $68,686, which is 9% lower than the national median of $75,149. Residents spend roughly 23% 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.