Chicago has a number of expensive neighborhoods and suburbs that attract wealthy residents, but one northern suburb is home to the most expensive ZIP code in the state.
GOBankingRates found the most expensive ZIP codes in every state and determined the cost to live in those areas.
Illinois’ most expensive ZIP code is 60043, which is part of the village of Kenilworth. The cost of living in Kenilworth is more than three times the U.S. average.
The website looked at the median home values and mortgage payment data from Zillow in order to find the most expensive zip codes, as well as cost-of-living expenses such as groceries, transportation, utilities and healthcare. Then it used the 50-30-20 rule to determine the yearly income needed to cover expenses.
According to GOBankingRates, residents in the area would need to earn $183,784 in order to cover its expenses. However, the website found that just under half of its residents earn more than $200,000 a year.
The Cost to Live in Illinois’ Most Expensive ZIP Code
- ZIP Code: 60043
- Total Annual Necessities: $91,892
- Total Annual Splurges: $55,135
- Total Annual Savings: $36,757
- Total Income Needed: $183,784