1. Taxes in Schaumburg

2. Housing in Schaumburg

3. Overall difference in cost of living compared to national average

Schaumburg is an upper-income community home to 80,923 people. 

It is known for its many corporate headquarters, shopping malls, and entertainment venues.

The median household income in Schaumburg is $82,387. 

The poverty rate in Schaumburg is only about 6%. 

While it’s very nice to live in, a major disadvantage to residents is its high cost of living. 

So how much does it cost to live in Schaumburg?

How much does it cost to live in Schaumburg?

Schaumburg area prices were up 0.8% from a year ago. 

According to Salary.com, the largest increases were found in Transportation, Food, and Housing.

A. Taxes

The Village of Schaumburg follows the Cook County property tax rate of 2.19% and the Illinois flat income tax of 4.95%. 

Schaumburg's sales tax rate for 2023 is 10% and is made up of the following taxes: 6.25% Illinois state sales tax, 1.75% Cook County sales tax, 1% Schaumburg municipal tax, and 1% special district tax.

B. Housing Cost

Schaumburg's housing expenses are 59% higher than the national average. According to US News Real Estate,  the average cost of a home in Schaumburg is $298,235. Per Realtor.com data, the median rent is $2,050. 

The utility prices here are 3% lower than the national average. On average, household energy bills are $171.69/ month. Phone bills go approximately $184.70 per month. 

C. Food

Schaumburg has grocery prices that are 5% higher than the national average. Prices may vary, based on which store you shop at.

In addition, Schaumburg has many fine dining restaurants which also offer great food and views. Average prices, according to Livingcost.org, range from $8.87 (fast food) to $65.1 (restaurant dinner for two).

D. Healthcare

Healthcare in Schaumburg is 13% higher than the national average. PayScale also states that on average, the most common medical expenses cost around: 

Doctor’s visits - $141.65

Dentist visit - $122.21

Optometrist visit - $133.43

Prescription drugs - $521.90

Veterinary checkup - $64.11

Still, Schaumburg also has modest, low-cost or free clinics.

E. Childcare

The average monthly price for full time daycare in Schaumburg is $1254. Care.com also notes that the average rate for home childcare services is $18.46/hour.

F. Education

For preschool to middle school, US News Education states that in Schaumburg CCSD 54, families spend $16,835 per student each year. And undergraduate and graduate programs’ tuition & fees are $21,295 and $19,894, respectively, based on College Tuition Compare 2023 data.

G. Transportation

Transportation expenses like bus fares and gas prices in Schaumburg are 25% higher than the national average. For instance, gas averages $5.41 / gallon.

Difference in Cost of Living compared to national average

The cost of living in Schaumburg is higher than the national average. According to Payscale, the cost of living in Schaumburg is 26% higher than the national average. This is due to a number of factors, including the high cost of housing, transportation, and food.

The cost of food in Schaumburg is about 5% higher than the national average. Other expenses in Schaumburg, such as utilities, healthcare, and entertainment, are also higher than the national average.

Conclusion

So now you might be wondering. With this high cost of living, is it worth it to live in Schaumburg? Yes! The quality of life in Schaumburg is very good. It has been ranked high in the list of places to live in Illinois, particularly by Money Magazine in 2018. You can find best-in-class amenities, beautiful natural scenery, topnotch schools, and diverse food, entertainment, and transportation options here. Indeed, this is one of the best places to invest in Illinois.

Interested in investing in Schaumburg real estate? Book a free consultation with us below.