Cost of Living in Summit, IL
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
111.5
100 = national avg
+11.5 vs national average
Living Wage (1 Adult)
$49,045
per year
Living Wage (Family of 4)
$115,924
per year
Cost Index by Category
Housing130.0
Food96.2
Transportation117.5
Healthcare96.9
Utilities103.7
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,581
per month
2 Bedroom
$1,781
per month
The overall cost of living index in Summit is 111.5, which is 11.5% above the national average. Housing costs are above the national average at an index of 130.0. A single adult needs to earn approximately $49,045 per year to cover basic expenses.