Oakwood Hills, IL is a small village located in McHenry County around 40 miles northwest of downtown Chicago. The village is home to many local businesses such as a veterinary clinic, grocery stores, pharmacies and restaurants. The cost of living in Oakwood Hills is slightly higher than the US average due to the area having a higher 2 bedroom rent at $1,540 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Oakwood Hills is 97 versus 100 in the US. Despite these slightly higher costs of living, Oakwood Hills offers its residents fantastic amenities such as outdoor trails and parks that makes it an attractive place to live for people who want an easy escape from city life.
Oakwood Hills has an unemployment rate of 5.9%. The US average is 6.0%.
Oakwood Hills 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 27.6%, which is lower than the US average of 33.5%.
Tax Rates for Oakwood Hills
- The Sales Tax Rate for Oakwood Hills is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Oakwood Hills 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 Oakwood Hills
- The average income of a Oakwood Hills resident is $39,317 a year. The US average is $28,555 a year.
- The Median household income of a Oakwood Hills resident is $111,528 a year. The US average is $69,021 a year.