Cost of Living in Lake Catherine, IL

With a cost of living index of 93, Lake Catherine, IL is slightly more affordable than average. Living here is 7% cheaper than the national average and 13% above the Illinois state average of 80. Lake Catherine is a small community of 1,091 residents.

Housing costs are the biggest factor in Lake Catherine's cost of living. The median monthly rent is $1,250 (5% below the US median of $1,319), and the median home value sits at $237,100 (22% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Lake Catherine is $94,821, which is 26% higher than the national median of $75,149. Residents spend roughly 16% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Lake Catherine. The area sees an average annual temperature of 49.2°F, with summers averaging 71°F and winters around 27°F. Annual rainfall totals 31.9 inches spread over roughly 129 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.