Highland Park is a picturesque suburb in Lake County, Illinois, approximately 25 miles north of downtown Chicago. Known for its natural beauty, affluent neighborhoods, and vibrant community, Highland Park offers its residents a top-notch quality of life within close proximity to the big-city excitement and adventure.
The city is home to around 30,000 residents and covers an area of approximately 12 square miles. Its idyllic and favorable location along the stunning shores of Lake Michigan provides residents with impressive views and access to beautiful beaches. The city boasts a rich history, with settlements dating back to the early 19th century.
Highland Park is renowned for its exceptional schools, including Highland Park High School and other highly-rated public and private institutions. The community strongly emphasizes education, and the school district consistently achieves academic excellence.
The city is characterized by its well-maintained neighborhoods, each with its unique charm and elegance. Residents enjoy alluring architectural styles, from historic homes to modern estates. The real estate market in Highland Park offers a range of beautiful housing options with pristinely manicured lawns.
Highland Park is a charming and affluent community that combines natural beauty, excellent schools, and a closely-knit community atmosphere, making it a highly desirable place to live, work, and raise a family. This article will examine the overall cost of living for Highland Park, Illinois.
Highland Park costs: an overview
The cost of living in Highland Park, IL, is significantly higher than in other areas of the state and the rest of the country. This means that residents can typically expect to pay more for housing and goods and services in this city.
Despite these increased costs, life in Highland Park is highly sought-after, as the area offers fantastic public schools, beautiful homes, and access to top-rated restaurants, parks, and shops. It is also considered one of the most admirable cities in Illinois and ranks among the most desirable places to live in the state.
Housing: home purchase price
As mentioned, Highland Park, Illinois, is known for its relatively high cost of living. Housing costs, in particular, are a significant contributor. Highland Park’s median home value is $523,500, according to the US Census in 2022, which is higher than the national median.
Utilities cost
Highland Park’s utility costs are lower than the national average, making them relatively affordable for residents. For instance, the average cost of residential electricity in Highland Park is 10.44 cents/kWh, which is slightly lower than the average for the entire state (11.38 cents/kWh) and 12% lower than the national average rate. Overall, utilities in Highland Park are about 5% less expensive than the US average.
Compared to other expenses, such as housing and transportation, utilities in Highland Park offer some cost savings. This benefits individuals and families who want to manage their expenses efficiently.
With a lower utility cost, residents have more peace of mind in knowing that their energy consumption and prices are going to be moderate. A significant reason for this is the city’s well-built, sustainable home construction. Additionally, this affordability factor contributes to the overall appeal of living in Highland Park, particularly for those seeking a balance between quality of life and cost effectiveness.
Food expenses
The affordability of food in Highland Park, Illinois, plays a significant role in the quality of life for its residents. The cost of food is an essential component of any city's overall cost of living.
According to available data, a single adult in Highland Park spends an average of $548 per month on food, while a family of four spends $1,427 on average. However, this is not a factor that deters most buyers from buying a home in Highland Park, as most residents have above-average and disposable incomes.
Transit cost
Transportation expenses are significant when examining a community’s level of overall affordability and financial numbers. While Highland Park's transportation costs are slightly lower than the national average, it is still an essential aspect of the cost of living in the city.
On average, a single person in Lake County spends $9,972 per year on transportation, which is similar to the national average. Commuting is common in Highland Park, with most of the area's residents working outside of the city. The average commute time in Highland Park is 29.8 minutes, which is on par with the national average of 26.6 minutes.
Average salary
The average salary in Highland Park, Illinois, is an essential component to consider when evaluating the city's financial stability and cost of living. It provides insight into the earning potential and economic opportunities available to residents.
According to recent data from the US Census Bureau, the median household income is $153,226 as of 2021, indicating a relatively high income level for residents compared to national medians. The per capita income over the past 12 months is $93,309. This suggests that individuals in Highland Park have the potential to earn a comfortable living and will likely have more disposable income compared to other areas of the nation.
Are you ready to find your next home in Highland Park?
Highland Park, Illinois, is a highly desirable place to live despite its higher cost of living compared to national averages. With excellent public education options, access to beautiful parks and recreation facilities, and a reputation for happy residents, the city offers an excellent environment for families and those seeking a life of luxury.
If you are intrigued by all that Highland Park has to offer, Jane Lee and her expert team are here for you. Jane is the number one agent in Lake County and president of the #1 RE/MAX Team in Northern Illinois. With top-tier customer attention and a commitment to success, Jane is ready to guide you to an amazing new Highland Park, IL, luxury home. Reach out today to get started.
*Header photo courtesy of Shutterstock