Elgin vs Lakewood
Cost of Living Comparison · 2026
Elgin
Lakewood
The Verdict
Living in Elgin costs 28.6% less than Lakewood. To match the purchasing power of a $75,000 salary in Elgin, you would need $105,000 in Lakewood.
Category-by-Category Breakdown
Index values · National average = 100 · Lower is more affordable
Salary Equivalence
A $75,000 salary in Elgin has the same purchasing power as $105,000 in Lakewood.
Conversely, $75,000 in Lakewood equals $53,571 in Elgin.
Living in Elgin vs Lakewood
Housing Costs
Elgin's housing index of 89 is lower Lakewood's 188, translating to median home prices of $279,000 vs $574,000. The $295,000 difference in home prices means roughly $19,176 per year in additional mortgage costs at current rates. Renters face a similar gap: $1,375/mo in Elgin compared to $1,850/mo in Lakewood, a monthly difference of $475.
Grocery & Food Costs
Grocery expenses index at 104 in Elgin and 101 in Lakewood. A household spending the national average of $475/month on groceries would pay approximately $494/month in Elgin vs $480/month in Lakewood. The difference in grocery costs between these cities is relatively minor and unlikely to be a deciding factor in relocation.
Utility Expenses
Utility costs — electricity, gas, water, internet — index at 89 in Elgin and 85 in Lakewood. Monthly utility bills average approximately $356 in Elgin vs $340 in Lakewood. Utility costs are relatively comparable between these two cities.
Healthcare
Healthcare costs index at 105 in Elgin and 84 in Lakewood. This encompasses insurance premiums, doctor visit copays, dental care, and prescription costs. The 21-point gap reflects real differences in provider costs, insurance market competition, and regional healthcare infrastructure.
Income & Purchasing Power
Median household income is $90,300 in Elgin and $83,800 in Lakewood. After adjusting for local costs, purchasing-power-equivalent incomes are approximately $95,053 and $63,008 respectively. Elgin residents enjoy stronger real purchasing power despite higher nominal wages.
Relocation Considerations
Under the standard 28% rule, a median-income household can allocate $2,107/month to housing in Elgin vs $1,955/month in Lakewood. In Elgin, median rent of $1,375/mo fits within this budget. In Lakewood, median rent of $1,850/mo remains manageable. The biggest category-level difference between these two cities is Housing, where the gap is 99 index points — focus your budget analysis there.
Frequently Asked Questions
Moving & Relocation Resources
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