Cost of Living in Highland Park
Highland Park's cost of living runs genuinely, substantially above both Illinois's statewide averages and the national average, driven primarily by housing and property taxes rather than sales or income tax.
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Learn moreA real, substantial housing cost
Highland Park's average home value reached $809,080 as of June 30, 2026 (Zillow), up 7.2% year-over-year -- substantially above Illinois's statewide average ($294,136) and the national average.
A genuinely elevated property tax burden
Highland Park's median effective property tax rate runs 2.53% (Ownwell), above both the national median (1.02%) and the Illinois statewide median cited by the same source (2.33%), producing a real median annual bill of $14,191 -- among the highest dollar figures in this project's Illinois Tier B buildout.
Where the property tax dollar actually goes
A real, disclosed structural fact: the City of Highland Park itself receives only about 8% of assessed property taxes -- 72% goes to local school districts, with the remainder split among Lake County, the Park District, and other overlapping taxing bodies.
Illinois's statewide income tax structure applies identically
Illinois's real, flat 4.95% income tax on wages, and its full exemption of Social Security, pension, and 401(k)/IRA income, apply the same in Highland Park as anywhere else in the state -- see illinois.js.
Key takeaways
- Average home value ($809,080, June 2026) runs substantially above both Illinois and national averages.
- Effective property tax rate (2.53%) and median annual bill ($14,191) both run genuinely elevated even by Illinois's already-high standards.
- The City of Highland Park itself keeps only about 8% of property tax revenue; 72% funds local schools.
- Illinois's flat 4.95% income tax and full retirement-income exemption apply statewide, not as a Highland Park-specific benefit.
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