Cost of Living Comparison
Wisconsin is cheaper than Illinois. If you lived in Wisconsin instead of Illinois, you would:
- pay less for restaurants.
Mississippi has the lowest cost of living in the United States. Expenses are nearly 17% less than the national average. Mississippi’s housing costs are the lowest in the nation.
Health Care is more affordable in Milwaukee than in Chicago.
Housing Costs and Taxes
Housing Costs:
- Housing costs in Wisconsin are extremely affordable and nearly 15% below the national average.
- Housing costs drop significantly in the central and northern parts of the state.
Taxes:
- Wisconsin’s taxes are lower than Illinois’s taxes.
- Illinois is 6.3% more expensive than Wisconsin.
- Taxes in Chicago are 11.3% more expensive than in Sheboygan.
- Wisconsin has agreements with Illinois, Indiana, Kentucky, and Michigan so residents working in Wisconsin don’t pay taxes there.
- Illinois has an effective property tax rate of 2.05%, the highest in the Midwest.
Tax Specifics and Job Market
- If living in Illinois with only W-2 wage income from Wisconsin, you only file a tax return in Illinois. Wisconsin will refund any state taxes withheld.
- The Illinois flat income tax rate is 4.95%.
- Wisconsin has a proud tradition of fiscal prudence, contributing to its lower deficit.
- We are ranked last in the Midwest for job creation.
Living Wage and Comfortable Living
A family of 2 adults and 1 child requires $83,897 to reach a living wage in Tennessee. That’s almost 30% cheaper than Massachusetts where it takes $131,461 to reach a living wage.
Wisconsin’s cost of living is about 8% lower than the national average. A family of four could live comfortably in Wisconsin on a little over $4,000 a month or $48,000 per year. Goods and services in Wisconsin cost 7.9% less on average than nationwide.
To live comfortably in Wisconsin:
- Minimum recommended annual income is $46,800 for a family.
- Minimum recommended annual income is $33,200 for a single person.
- Wisconsin’s cost of living index is 89.9, below the national average of 100.