Quality of Life in 53142>Question Details

Gary@lakevie…, Home Buyer in Kenosha, WI

How can I best assess overall cost of living effects on moving out of Kenosha County Wisconsin to Lake County Illinois?

Asked by Gary@lakeviewpantry.org, Kenosha, WI Fri Jun 1, 2012

I work in Chicago and moving to in Lake County Illinois (from Kenosha County Wisconsin) would save me some time and travel costs. However, I am worried about the long-term financial health of Illinois and how it might affect taxpayers in Illinois. How can I best assess expenses of living in Kenosha County Wisconsin vs. Lake County Illinois?

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Having lived in Illinois I can tell you that the state income tax is now about the same (with the recent tax hike in Illinois), depending on where in Lake County you live, property taxes will most likely be higher. Lake County has a food tax where Kenosha county does not. I'm not sure, but the utilities may be a little higher in Lake County. At one time Lake County was much more expensive to live in than Kenosha County, but they are about the same with Illinois being slightly higher in my opinion. If it's possible to live just over the line in Wisconsin, you may be better off. If you are planning on living in southern Lake County, you could be closer to your workplace and you would save time in the commute. But...gas is less expensive in Wisconsin so it may be a wash.
0 votes Thank Flag Link Sat Jul 21, 2012
Predicting the future tax burden will be difficult, but I recommend calculating your current cost of living (mortgage/rental costs, utility bills, taxes, travel costs, etc.) so you will have a baseline. When you move, your biggest expenses will be your monthly mortgage or rental payment and real estate and income taxes. You should be able to estimate those costs in the new area that you want to move to by looking at home values for the type of home that you want to move to. Real estate taxes are readily available at town assessor offices and the state income taxes are published as well. Since you already work in IL you are probably already paying IL income tax.
0 votes Thank Flag Link Fri Jun 1, 2012
You can live in Wisconsin, work in Illinois and still pay Wisconsin income tax. Which in my opinion is a much smarter move. My husband works in IL and we live in WI...he pays WI state income tax which works out to be better for us. Since Wisconsin usually has lower taxes over all...we see a refund from WI where we use to have to pay in IL.
Flag Mon May 13, 2013
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