Cost of Living: Lakewood, CO vs Elgin, IL (2026)

Lakewood

Colorado
141
VS

Elgin

Illinois
90

Lakewood is 57% more expensive than Elgin.

$1,746/mo ↑ 39%
Median Rent
$1,260/mo ↓ 28%
$85,789/yr ↓ 3%
Median Income
$88,316/yr ↑ 3%
$548,200 ↑ 117%
Home Value
$252,400 ↓ 54%
$1,729/mo ↑ 15%
Owner Costs
$1,502/mo ↓ 13%
156,309
Population
114,106

Tax Comparison

4.4%
Income Tax
4.95%
2.9%
State Sales Tax
6.25%
0.51%
Property Tax
2.07%

Affordability

24.4%
rent-to-income
Affordability
17.1%
rent-to-income

Detailed Comparison

When comparing Lakewood, CO and Elgin, IL, the overall cost of living indices are 141 and 90 respectively (national median = 100). Rent is $486/month cheaper in Elgin, saving renters about $5,832/year.

Median household income is $2,527/year higher in Elgin. Home values also differ significantly — the median in Lakewood is $548,200 compared to $252,400 in Elgin.

Colorado has a lower income tax rate, making Lakewood slightly more tax-friendly.

Frequently Asked Questions

Lakewood vs Elgin — common questions

Is Lakewood or Elgin cheaper to live in?
Based on our cost index, Elgin is cheaper to live in with an index of 90 compared to 141 (US average = 100).
What is the rent difference between Lakewood and Elgin?
Median rent in Lakewood is $1,746/month and in Elgin it's $1,260/month — a difference of $486/month.
Which city has higher income, Lakewood or Elgin?
Median household income is $85,789 in Lakewood and $88,316 in Elgin. Median household income is $2,527/year higher in Elgin.
How do taxes compare between Colorado and Illinois?
Colorado has 4.4% income tax, 2.9% sales tax, and 0.51% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to Lakewood or Elgin?
It depends on your priorities. Lakewood has a cost index of 141 with median rent of $1,746/mo, while Elgin has a cost index of 90 with rent of $1,260/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Lakewood details → View Elgin details →

More Comparisons

Other cost of living comparisons for Lakewood and Elgin

Lakewood vs. Macon Lakewood vs. Killeen Lakewood vs. Alexandria Lakewood vs. Kansas City Lakewood vs. Murfreesboro Lakewood vs. Springfield Elgin vs. Provo Elgin vs. Odessa Elgin vs. Waterbury Elgin vs. Springfield Elgin vs. Carlsbad Elgin vs. Beaumont