Summit, IL is a small suburb of the city of Chicago located in Cook County. It is a quaint town with low crime rates and affordable housing, as evidenced by the two-bedroom rental cost of just $1,110 per month. In addition to housing being relatively inexpensive, groceries are also reasonably priced with an index of 95 compared to the national average of 100. This makes Summit an excellent place for families to settle down and enjoy all that the town has to offer.
Locally owned businesses such as Peppino’s Pizza & Restaurant, Michael Joseph’s Salon & Spa, H&H Cafe & Restaurant, and Lee’s Italian Ice can all be found within the town limits. These businesses provide quality services to locals and visitors alike. Additionally, residents don't have to go far for shopping needs since stores like Walmart Supercenter are nearby. All in all, Summit provides a great lifestyle for those looking for suburban living near the heart of Chicago.
Summit has an unemployment rate of 8.4%. The US average is 6.0%.
Summit has seen the job market decrease by -0.2% over the last year. Future job growth over the next ten years is predicted to be 25.8%, which is lower than the US average of 33.5%.
Tax Rates for Summit
- The Sales Tax Rate for Summit is 10.3%. The US average is 7.3%.
- The Income Tax Rate for Summit is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Summit
- The average income of a Summit resident is $16,389 a year. The US average is $28,555 a year.
- The Median household income of a Summit resident is $48,929 a year. The US average is $69,021 a year.