Cost of Living in Lincolnwood, IL

With a cost of living index of 181, Lincolnwood, IL is one of the most expensive cities in the United States. Living here is 81% more expensive than the national average and 101% above the Illinois state average of 80. Lincolnwood is a smaller community of 13,179 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Lincolnwood's cost of living. The median monthly rent is $3,501 (165% above the US median of $1,319), and the median home value sits at $475,400 (56% above the national median of $304,900). At current prices, the median home costs roughly 4.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Lincolnwood is $107,950, which is 44% higher than the national median of $75,149. Residents spend roughly 39% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. While incomes are above average, they do not fully offset the higher cost of living.

Climate is another factor for anyone considering a move to Lincolnwood. The area sees an average annual temperature of 51.3°F, with summers averaging 73°F and winters around 28°F. Annual rainfall totals 37.9 inches spread over roughly 126 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.