Cost of Living in Lakewood, IL

With a cost of living index of 118, Lakewood, IL is a notably expensive place to live. Living here is 18% more expensive than the national average and 39% above the Illinois state average of 80. Lakewood is a small community of 4,699 residents.

The median household income in Lakewood is $185,774, which is 147% higher than the national median of $75,149. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Lakewood. The area sees an average annual temperature of 49.7°F, with summers averaging 72°F and winters around 26°F. Annual rainfall totals 33.2 inches spread over roughly 121 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.