Algonquin, IL is an ideal city for those looking to save money while still enjoying the luxuries of life. This city is home to a variety of businesses, from tech companies like Apple Inc., to healthcare providers such as Advocate Sherman Hospital. These companies provide a strong and diverse job market for locals, allowing them to find meaningful employment in their desired industry. Additionally, Algonquin boasts many amenities that make it an attractive place to live. You can get your groceries at Target or Trader Joe's for lower prices than average due to the City's Grocery Cost Index being 97 versus the national 100. Rent prices are also lower than usual with two bedroom apartments costing around $2,070 compared to the national average of $1,430. There are also plenty of parks and recreational activities for residents to enjoy!
Algonquin has an unemployment rate of 5.6%. The US average is 6.0%.
Algonquin has seen the job market increase by 0.5% over the last year. Future job growth over the next ten years is predicted to be 31.3%, which is lower than the US average of 33.5%.
Tax Rates for Algonquin
- The Sales Tax Rate for Algonquin is 7.8%. The US average is 7.3%.
- The Income Tax Rate for Algonquin 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 Algonquin
- The average income of a Algonquin resident is $39,797 a year. The US average is $28,555 a year.
- The Median household income of a Algonquin resident is $115,346 a year. The US average is $69,021 a year.