Did the Cost of Living in Bingham, IL increase in 2023? Bingham, IL area prices were up 1.3% from a year ago. The largest increases were found in Transportation, Food, and Housing.
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About Bingham, Illinois Bingham is a village in Fayette County, Illinois, United States. The population was 83 at the 2010 census, down from 117 at the 2000 census.
The federal minimum wage is $7.25 per hour while Illinois's state law sets the minimum wage rate at $13 per hour in 2023. Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels. View future changes in the minimum wage in your location by visiting
Minimum Wage Values in Bingham, IL
Based on this cost of living comparison, you can see:
If you move from Chicago IL, Dallas, TX, or Miami, FL, the percent increase of your cost of living could be 22.8%, 37.8%, and 24.8%. Looks like this move could have a negative net change in disposable income, so please think carefully!
If you move from New York, NY, San Francisco, CA, or Washington, DC, the percent reduction of your cost of living could be -43.50%, -23%, and -20.10%, that's good news to you that you could be looking at a positive net change in disposable income.
About Bingham, IL
Bingham is a village in Fayette County, Illinois, United States. The population was 83 at the 2010 census, down from 117 at the 2000 census.
The village was named after Judge Horatio Bingham. A post office was established in 1883.
Bingham is located in northwestern Fayette County at 39°6′50″N 89°12′45″W / 39.11389°N 89.21250°W / 39.11389; -89.21250 (39.113898, -89.212460), within South Hurricane Township. It is 16 miles (26 km) northwest of Vandalia, the county seat.
According to the 2010 census, Bingham has a total area of 0.27 square miles (0.70 km2), all land....
Source: Wikipedia (as of 04/11/2019). Read more from Wikipedia
Comments about the Cost of Living in Bingham, IL
Healthcare access and affordability and your cost of living
Illinois is ranked number 21 out of all states in overall healthcare access and affordability.
Healthcare costs make up a significant part of the cost of living. The ability to afford healthcare as well as the ability to access care are key indicators of how much you will be paying for this important resource if you move to another state. Affordability is generally measured by the rates set for insurance coverage in a state, as well as the out-of-pocket expenses that need to be paid by you when receiving the care. If rates or out-of-pocket expenses are high, your cost of living will increase. Access to healthcare is how easy or difficult it may be to receive the care. Access is measured by identifying barriers that might prevent the delivery of care such as the inability to obtain insurance coverage, having to travel long distances to health care centers and lack of sufficient facilities and/or healthcare professionals. The timeliness of care, how fast you can get to see a healthcare provider, is another important measure.
Cold winters and the cost of living
Energy is one of the costs that contribute to the cost of living in a state. The cost of your utilities may fluctuate based on weather conditions. Illinois is noted as a state that has some of the worst winter weather in the U.S. Snow, bitterly cold temperatures, storms, and strong winds can force you indoors for days on end. This typical winter weather can drive your energy costs and cost of living higher than in states with a milder climate. Expect to pay more for your utility bills during the winter months. (2023-05-01salary.com)
Cost of Living Frequently Asked Questions
What is a Cost of Living index and how is it used?
In the simplest terms, a Cost of Living index is the estimated amount that represents the cost of the basic necessities required for an individual to live. A cost of living or COL estimate may typically include estimates for housing, food, energy, medical care, transportation, taxes, and other necessities. A COL index may be used to measure what the cost difference would be for a person living in a certain location compared to another location. This cost of living comparison helps individuals make decisions about where they would like to live and what they can afford based on the costs in that location. A cost of living comparison can provide guidance about how an increase or decrease in these basic living expenses impacts necessary spending for an individual or a family.
What factors are included in estimating your cost of living?
The Salary.com cost of living calculator estimate is based on data related to five general categories: housing, food, healthcare, transportation, and energy. These are the universally recognized core components of any cost of living estimate and represent those expenses that apply to everyone. Obviously, there may be other factors that could contribute to your particular cost of living situation and not everyone has the same spending habits. For example, education and/or childcare costs might not apply to everyone, but for those who have those expenses, they could be significant and should be considered when you evaluate your cost of living comparison.
The Salary.com cost of living calculator is unique in that it also incorporates current salary data for thousands of jobs specific to a chosen home or work location to provide a more refined estimate of the cost of living variations. You can see how your job and your salary will be impacted by a change of location. If you live in one location but work in another, the cost of living calculator will make those adjustments to provide an accurate estimate of the change in COL. The Salary.com cost of living calculator helps you to make cost of living comparisons cost comparisons easily and quickly.