Elgin, IL is a city in the northern portion of Illinois with a population of over 112,000 people. The city is home to numerous companies such as Elgin National Industries, Elgin Mental Health Center, and Nippon Sharyo USA. In terms of cost-of-living comparison to the national average, Elgin seems to be slightly more expensive than the US average. For example, rent for a 2-bedroom apartment in Elgin is $1,480 while it's only about $1,430 nationally. Similarly, the Grocery Cost Index in Elgin is 96 whereas it's 100 nationally. All in all though, the cost of living in Elgin is still quite affordable compared to other parts of Illinois and across the nation.
Elgin has an unemployment rate of 9.9%. The US average is 6.0%.
Elgin has seen the job market decrease by -9.1% over the last year. Future job growth over the next ten years is predicted to be 28.3%, which is lower than the US average of 33.5%.
Tax Rates for Elgin
- The Sales Tax Rate for Elgin is 8.3%. The US average is 7.3%.
- The Income Tax Rate for Elgin 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 Elgin
- The average income of a Elgin resident is $31,673 a year. The US average is $37,638 a year.
- The Median household income of a Elgin resident is $79,757 a year. The US average is $69,021 a year.