Lake Forest Ranked As 8th Most Expensive Town In Illinois For Cost Of Living

LAKE FOREST, IL — According to a recent report, Illinois residents pay an average of 4 percent more on household bills than the U.S. average, while Lake Forest residents pay significantly more.

Doxo, an online bill payment service, released a report ranking the highest and lowest towns and cities in Illinois for household expenses.

DoxoInsights took a look at 227 towns and cities in Illinois, as well as the rest of the country, for the report.

According to the report, the average household in Lake Forest pays $3,255 per month ($39,061 per year) on the 10 most common household bills, which ranks it as the 8th most expensive town in Illinois. Nationally, Americans pay $2,126 monthly on average for all services.

In addition, Lake Forest household bills are 53 percent higher than the U.S. average in the "Cost of Bills Index" — household bills expense per month, including housing.

Bills for Lake Forest households are $13,549 per year higher than the U.S. average.

According to the report, household bills account for 19 percent of annual household income, which averages $201,847 in Lake Forest.

The report looked at mortgage, rent, auto loans, utilities, auto insurance, health insurance, mobile phone, cable and internet, alarm and security and life insurance.

Not all of them are above the national average — Lake Forest residents pay less for utilities and health insurance, than the average American household.

Here is a breakdown of how much households in Lake Forest pay every month for each service compared to the rest of the country.

• Mortgage — Lake Forest residents pay $3,756 monthly vs. national average of $1,402 per month
• Rent — residents pay $1,998 vs. national average ($1,300)
• Auto loans — residents pay $496 vs. national average ($496)
• Utilities — residents pay $321 vs. national average ($362)
• Auto insurance — residents pay $208 vs. national average ($209)
• Health insurance — residents pay $102 vs. national average ($114)
• Mobile phone — residents pay $128 vs. national average ($121)
• Cable and internet — residents pay $136 vs. national average ($122)
• Life insurance — residents pay $88 vs. national average ($87)
• Alarm and security — residents pay $91 vs. national average ($85)

Half of the top 10 highest-spending towns in Illinois are located alongside Lake Forest on Chicago's North Shore. (Lake Bluff, Glencoe and Kenilworth are not included.) According to the report, the most expensive cities/towns for household bills in Illinois are:

1. Hinsdale — $3,551 in household bills per month
2. Winnetka — $3,541
3. Deerfield — $3,464
4. Barrington — $3,355
5. Wilmette — $3,318
6. Highland Park — $3,314
7. Lake Zurich — $3,271
8. Lake Forest — $3,255
9. Yorkville — $3,020
10. Mokena — $2,977