Oak Park is considered moderately expensive in 2025, with average rent for a 2-bedroom apartment at $1,950 and slightly higher grocery and property tax costs compared to the national average.
Imagine this: Lila, a 28-year-old graphic designer, has just moved into a charming 1-bedroom apartment in the heart of Oak Park. As she unpacks her boxes and settles into her new home, she can’t help but feel a mix of excitement and apprehension. While Oak Park’s tree-lined streets and historic architecture drew her in, Lila knows that living in this desirable suburb comes with its own set of financial considerations.
For anyone considering a move to Oak Park in 2025, it’s crucial to understand the various expenses that contribute to the overall cost of living. In this comprehensive guide, we’ll break down the monthly costs you can expect, from housing and utilities to groceries and taxes, to help you make an informed decision and budget accordingly.
Housing Costs in Oak Park
Housing is often the largest expense in any budget, and Oak Park is no exception. The typical housing options in this suburb range from charming vintage apartments to spacious single-family homes. Rental prices and home values can vary depending on the neighborhood and property type.
For renters, a 2-bedroom apartment in Oak Park typically costs between $1,800 and $2,100 per month. Those looking to purchase a home can expect to pay around $450,000 for a 3-bedroom house, with prices climbing higher in more sought-after neighborhoods like the Frank Lloyd Wright Historic District.
- Rental Range (2-bedroom apartment): $1,800 – $2,100/month
- Average Home Price (3-bedroom house): $450,000
It’s worth noting that some neighborhoods, particularly those with newer developments or historic homes, may have Homeowners Association (HOA) fees. These fees, which can range from $100 to $300 per month, cover the maintenance of common areas and amenities.
Utilities and Energy Bills
In addition to housing costs, residents of Oak Park must budget for basic utilities such as electricity, gas, water, and trash collection. These costs can fluctuate throughout the year, with higher energy bills during the summer months due to increased air conditioning usage.
| Utility | Average Monthly Cost |
|---|---|
| Electricity | $80 – $120 |
| Gas | $40 – $60 |
| Water & Sewer | $50 – $70 |
| Trash Collection | $20 – $30 |
Groceries and Daily Expenses
When it comes to groceries and household items, Oak Park residents can expect to spend slightly more than the national average. A single person living in Oak Park should budget around $350 to $400 per month for groceries, while a family of four may spend upwards of $1,000.
To put this into perspective, a gallon of milk in Oak Park typically costs around $3.50, a loaf of bread about $2.75, and a dozen eggs roughly $2.50. Dining out can also add up quickly, with a meal at a mid-range restaurant averaging $50 for two people.
Taxes and Hidden Fees
One of the often-overlooked aspects of living in Oak Park is the relatively high property tax rate. As of 2025, the average property tax rate in Oak Park is 2.2%, which is significantly higher than the national average of 1.1%.
For a home valued at $450,000, this translates to an annual property tax bill of approximately $9,900, or roughly $825 per month. It’s essential to factor this cost into your monthly budget when considering a move to Oak Park.
Monthly Budget Breakdown
To help you visualize the overall cost of living in Oak Park, we’ve compiled a summary budget table that aggregates the monthly estimates for various household sizes:
| Expense | Single Person | Couple | Family of Four |
|---|---|---|---|
| Housing (Rent/Mortgage) | $1,200 | $1,950 | $2,500 |
| Utilities | $150 | $200 | $300 |
| Groceries | $350 | $600 | $1,000 |
| Transportation | $100 | $200 | $300 |
| Miscellaneous | $200 | $300 | $500 |
| Total Monthly Expenses | $2,000 | $3,250 | $4,600 |
| Recommended Gross Monthly Income (pre-tax) | $2,800 | $4,500 | $6,400 |
Lifestyle Considerations
While the cost of living in Oak Park may be higher than some surrounding areas, many residents find that the benefits outweigh the expenses. Oak Park offers a unique blend of urban convenience and suburban charm, with easy access to downtown Chicago via the CTA Green and Blue lines.
The village is known for its excellent schools, beautiful parks, and thriving arts and culture scene. However, those considering a move to Oak Park should be prepared to make some tradeoffs. For example, while the village offers a variety of housing options, many of the homes are older and may require more maintenance than newer properties in other suburbs.
Additionally, while Oak Park is generally considered a safe community, crime rates are slightly higher than some neighboring suburbs due to its proximity to Chicago. As with any move, it’s essential to weigh the pros and cons and determine what factors are most important to you and your family.
Frequently Asked Questions
Q: Is Oak Park an affordable place to live?
A: Compared to the national average, Oak Park is considered moderately expensive. However, many residents find that the high quality of life and convenient location justify the higher costs.
Q: How much should I budget for monthly expenses in Oak Park?
A: A single person living in Oak Park should budget around $2,800 per month in gross income (pre-tax) to cover expenses comfortably, while a family of four may need upwards of $6,400.
Q: Are property taxes high in Oak Park?
A: Yes, property taxes in Oak Park are significantly higher than the national average. As of 2025, the average property tax rate is 2.2%, which can add hundreds of dollars to your monthly housing costs.
Q: Is Oak Park a good place to raise a family?
A: Oak Park is known for its excellent schools, safe neighborhoods, and family-friendly amenities. However, the higher cost of living may be a consideration for some families.
Q: How does the cost of living in Oak Park compare to nearby cities like Chicago or Evanston?
A: While Oak Park is generally less expensive than living directly in Chicago, it is slightly more expensive than some other nearby suburbs like Evanston or Berwyn. However, Oak Park offers a unique blend of urban convenience and suburban comfort that many find appealing.
As Lila settles into her new life in Oak Park, she realizes that while the cost of living may be higher than she initially anticipated, the vibrant community, excellent amenities, and convenient location make it a worthwhile investment. By carefully budgeting and making informed decisions, she knows that she can build a fulfilling life in this charming village.