Illinois' Priciest Neighborhoods: A Deep Dive Into Living Expenses Across the Most Expensive Place to Live

The Midwest generally carries a reputation for affordable living standards, yet Illinois hosts numerous affluent communities where everyday essentials command premium prices. A comprehensive GOBankingRates analysis reveals that residents in the state’s most expensive place to live—specifically its 20 costliest municipalities—shell out over $5,000 monthly just to cover basic necessities.

Understanding the Cost Breakdown

Researchers evaluated Illinois’ most expensive place to live by examining metros with the highest home valuations and populations exceeding 2,500. For each qualifying community, data encompassed 2025 home prices, monthly mortgage obligations, and regular expenditures across groceries, utilities, healthcare and transportation. These components combined establish the monthly and annual necessity expenses that define what it truly costs to reside in these affluent areas.

The 20 Most Expensive Places to Live in Illinois: A Complete Ranking

1. Kenilworth

• Annual necessity costs: $138,632
• Monthly necessity costs: $11,553
• 2025 average home value: $1,896,355
• Monthly mortgage payment: $9,390

2. Winnetka

• Annual necessity costs: $130,246
• Monthly necessity costs: $10,854
• 2025 average home value: $1,759,880
• Monthly mortgage payment: $8,715

3. Glencoe

• Annual necessity costs: $113,908
• Monthly necessity costs: $9,492
• 2025 average home value: $1,488,738
• Monthly mortgage payment: $7,372

4. Hinsdale

• Annual necessity costs: $98,119
• Monthly necessity costs: $8,177
• 2025 average home value: $1,228,133
• Monthly mortgage payment: $6,081

5. Lake Forest

• Annual necessity costs: $92,611
• Monthly necessity costs: $7,718
• 2025 average home value: $1,172,231
• Monthly mortgage payment: $5,805

6. South Barrington

• Annual necessity costs: $88,808
• Monthly necessity costs: $7,401
• 2025 average home value: $1,081,467
• Monthly mortgage payment: $5,355

7. Oak Brook

• Annual necessity costs: $85,087
• Monthly necessity costs: $7,091
• 2025 average home value: $1,014,521
• Monthly mortgage payment: $5,024

8. Barrington Hills

• Annual necessity costs: $84,483
• Monthly necessity costs: $7,040
• 2025 average home value: $985,071
• Monthly mortgage payment: $4,878

9. Wilmette

• Annual necessity costs: $82,448
• Monthly necessity costs: $6,871
• 2025 average home value: $968,347
• Monthly mortgage payment: $4,795

10. Northfield

• Annual necessity costs: $80,247
• Monthly necessity costs: $6,687
• 2025 average home value: $932,314
• Monthly mortgage payment: $4,617

11. Burr Ridge

• Annual necessity costs: $78,196
• Monthly necessity costs: $6,516
• 2025 average home value: $902,643
• Monthly mortgage payment: $4,470

12. Riverwoods

• Annual necessity costs: $77,878
• Monthly necessity costs: $6,490
• 2025 average home value: $929,512
• Monthly mortgage payment: $4,603

13. Long Grove

• Annual necessity costs: $76,726
• Monthly necessity costs: $6,394
• 2025 average home value: $904,299
• Monthly mortgage payment: $4,478

14. River Forest

• Annual necessity costs: $73,761
• Monthly necessity costs: $6,147
• 2025 average home value: $822,837
• Monthly mortgage payment: $4,075

15. Western Springs

• Annual necessity costs: $73,078
• Monthly necessity costs: $6,090
• 2025 average home value: $816,376
• Monthly mortgage payment: $4,043

16. Kildeer

• Annual necessity costs: $72,142
• Monthly necessity costs: $6,012
• 2025 average home value: $824,648
• Monthly mortgage payment: $4,083

17. Inverness

• Annual necessity costs: $71,351
• Monthly necessity costs: $5,946
• 2025 average home value: $782,556
• Monthly mortgage payment: $3,875

18. North Barrington

• Annual necessity costs: $71,003
• Monthly necessity costs: $5,917
• 2025 average home value: $801,283
• Monthly mortgage payment: $3,968

19. Highland Park

• Annual necessity costs: $69,882
• Monthly necessity costs: $5,823
• 2025 average home value: $792,777
• Monthly mortgage payment: $3,926

20. Northbrook

• Annual necessity costs: $69,744
• Monthly necessity costs: $5,812
• 2025 average home value: $760,954
• Monthly mortgage payment: $3,768

What Makes These the Most Expensive Places to Live in Illinois?

The most expensive place to live in Illinois isn’t determined solely by home prices. Rather, the ranking reflects the cumulative burden of all essential spending—mortgage payments paired with everyday costs for food, utilities, medical care and transportation. Even neighborhoods with lower average home values can rank highly if regional costs for utilities or healthcare push total monthly obligations upward.

Mortgage payments represent the largest component, accounting for the majority of monthly necessity costs in most communities. However, supplementary expenses add substantially to the overall financial strain. Residents must budget for groceries, local utility rates, healthcare services and commuting costs, all of which vary significantly across different neighborhoods within Illinois.

Methodology and Data Sources

This analysis examined Illinois’ 30 highest-value metros (based on Zillow’s August 2025 data) with populations above 2,500 per the 2023 American Community Survey. Researchers calculated costs using national averages from the 2023 Consumer Expenditure Survey, adjusted by each city’s individual cost-of-living index. Mortgage estimates assumed 20% down payment, 30-year fixed-rate mortgages at 6.30%, with no HOA fees, PMI or property tax considerations.