WHAT IS THE REAL COST OF LIVING IN ST. CHARLES?
Are you considering relocating to the Chicago area? Are you wondering if the St. Charles suburb might be the perfect fit for your lifestyle? Whether you are planning on relocating your family to St. Charles or moving because of a job promotion, it’s important to research the cost of living before making a commitment. Read on to learn about the cost of living in St. Charles so that you can move forward confidently.
HOUSING: RENTAL PRICES
When moving to a new area, one of the best ways to find out if it is right for you is by renting a property for the short term. There are many advantages that you can gain from renting before buying.
First, you would have more time to search for a home you want to commit to long-term rather than feeling pressured to purchase a property right away. In addition, you can make the necessary financial preparations to be ready to make an offer when the time comes.
Ultimately, renting before buying is a great way to test out the area and see if it’s right for your lifestyle, including getting first-hand knowledge of the cost of living in St. Charles. Only by living there will you get an up-close-and-personal look at the amenities and overall costs of your lifestyle in the community. You will also gain in-depth knowledge about the area that you would not be able to find with a simple Internet search.
When deciding if renting before buying in St. Charles is the right decision, you need to consider the cost. In St. Charles, the average rental price is $1,784, though that can fluctuate depending on the size and number of bedrooms. With the median national rent cost at $1,978, rental prices in St. Charles are slightly lower than many homes across the country. However, it is essential to note that rental prices have increased in St. Charles by up to 51% year-to-date. Despite rising rental costs, it is generally considered a good idea to consider renting in St. Charles for the short term as you explore the city and find the perfect property to set down roots.
HOUSING: HOME PURCHASE PRICE
Whether you wish to buy a new home right away or after renting for a while, it’s important to research the cost of St. Charles real estate.
According to the latest data from Illinois Realtors, the median sales price of homes within the Chicago metro area is $288,000.
The median cost for St. Charles real estate is $370,000, with many luxury properties priced much higher than that figure, well into the millions. Because St. Charles homes are highly sought-after, with modern touches of style, gorgeous landscaping, and amenities all around, you are likely to maximize your budget when purchasing St. Charles real estate.
St. Charles is currently experiencing a strong competitive market in which sellers might have more negotiation power. There has been a 10% increase in home prices year-to-date. In addition, homes are selling more quickly, many within 15 days, and the number of available homes on the market is getting tighter.
Thus, you should be prepared to act quickly in a competitive real estate landscape like this. For example, by getting pre-approved for financing and creating a list of must-haves ahead of time, you will be prepared to make an offer on your home, ultimately streamlining the home search process.
UTILITIES COST
In St. Charles, you can expect varied temperatures ranging anywhere from the teens to the high eighties depending on the season. With such diverse temperatures, you can expect the utilities to fluctuate with the seasons. For example, the average cost of utilities for a family of four is $168 per month. This includes costs such as electricity, water, gas, and heating. As for the cost of Internet and cable, Illinois residents pay an average of $114. This amount can vary depending on how extensive your plan is.
FOOD COST
Known for its hip and trendy downtown restaurant scene, St. Charles is a food lover’s haven. Many locals and visitors are drawn to this small town for its incredible dining landscape of great eateries. You can expect to pay an average of approximately $60 for a restaurant meal for two. Many residents of St. Charles head to their local grocery stores to stock up on food. A single adult can expect to pay around $2,980 a year for food. This is approximately the same as the annual cost of food for the state, which is $3,004.
TRANSIT COST
In St. Charles, many people get around by car. On average, transportation costs in St. Charles are about 32% cheaper than in the nearby major metropolitan city of Chicago. Specifically, nearly 80% of residents use their cars to get to work. As a commuter, you can expect that the gas price costs about $3.18 per gallon, which is higher than the national average of $2.72.
There are also other transportation options available. For example, a comprehensive bus system will transport residents and visitors to various parts of St. Charles and nearby cities. In addition, with a walk score of 67 and a bike score of 58, biking and walking options are readily available.
AVERAGE SALARY
In St. Charles, many professionals work in fields like management, technology, office and administrative roles, and sales. The average salary for all occupations in St. Charles is $63,000 per year, or $30 an hour. However, many professionals earn well above that figure. Many residents can live comfortably with the current cost of living in St. Charles.
READY TO FIND YOUR NEXT HOME?
Are you interested in buying a new home in St. Charles, Illinois? When you’re ready to take the next step, schedule a consultation with the top-notch real estate team at The Kohler Group. Their agents can offer guidance on everything from marketing to negotiating. Using an exhaustive collection of resources and an extensive network, The Kohler Group can help you find a St. Charles home that aligns with your lifestyle! Reach out today to get started.
GET MORE INFORMATION
