A+
5%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
2%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Elkhorn Wisconsin National
Cost of living9596100
Goods & Services8997100
Groceries9799100
Health care101112100
Housing9888100
Transportation11098100
Utilities87102100

An Overview of Cost of Living in Elkhorn, WI

Understanding the cost of living in Elkhorn can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Elkhorn cost of living index is 95, which is 5% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Elkhorn is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Elkhorn, these goods are 11.1% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

Is Elkhorn Affordable?

Is Elkhorn affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Elkhorn, for instance, where the median home price falls 1% higher than the national average, and monthly rent rates are 9.3% lower than usual. Additionally, median income levels contribute to the equation, with Elkhorn flaunting a median household income of $63,135, 14.1% higher than the national norm.

What Factors can Influence the Cost of Living in Elkhorn?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Elkhorn, the healthcare costs are 0.6% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Where is the Data From?

The cost of living data in Elkhorn displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Elkhorn is 1% lower than the Wisconsin average
  • The cost of living in Elkhorn is 5% lower than the national average
  • Elkhorn housing is 2% lower than the national average
  • Wisconsin general sales tax is 2% lower than the national average
  • Wisconsin state income tax is 57% higher than the national average

Most Affordable Places to Live in and Around Elkhorn

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Compare Elkhorn, WI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$82,500$6,875$1,925$2,475
      Renters$32,315$2,693$754$970
      A good indicator of the general affordability of housing in Elkhorn, WI, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Elkhorn, the median monthly income is $82,500 for those who own their own homes. Under the standard rule, that income level would allow for $1,925 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $32,315, per the median income in the area. That would allow for renters to spend up to $754 on monthly rental expenses.

      Wisconsin Sales Tax

      State General Sales Tax With Max Surtax
      Wisconsin 5% 6.75%

      Wisconsin Income Tax

      State Income Tax (Low) Income Tax (High)
      Wisconsin 3.54% 7.65%

      Goods & Services

      Item Elkhorn National avg. Difference
      Haircut $19.94$24.2617.8%
      Beauty Salon $36.22$45.5620.5%
      Toothpaste $3.58$3.703.2%
      Shampoo $1.27$1.281.1%
      Movie $12.73$12.134.9%
      Bowling $12.67$18.0029.6%

      Groceries

      Item Elkhorn National avg. Difference
      Ground Beef $5.72$5.842.0%
      Fried Chicken $1.42$1.579.9%
      Milk $4.63$4.670.9%
      Potatoes $4.82$4.932.3%
      Pizza $10.99$12.099.1%
      Beer $9.56$10.418.2%

      Health Care

      Item Elkhorn National avg. Difference
      Optometrist $79.67$125.6836.6%
      Doctor $158.33$135.7816.6%
      Dentist $110.16$113.292.8%
      Ibuprofen $10.57$10.650.8%
      Lipitor $460.30$468.601.8%

      Housing

      Item Elkhorn National avg. Difference
      Home Price $186,500.00$184,700.001.0%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $861.00$949.009.3%

      Transportation

      Item Elkhorn National avg. Difference
      Gasoline $3.69$3.466.7%
      Tire Balancing $70.28$59.9217.3%

      Utilities

      Item Elkhorn National avg. Difference
      All Electricity $147.39$193.9924.0%
      Phone $198.03$192.253.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Lake Ivanhoe, WI398955.5%
      Sharon, WI1,6139010.2%
      Palmyra, WI2,058964.4%
      Delavan, WI8,296919.4%
      Darien, WI1,471928.5%
      Elkhorn, WI10,034955.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      The Pinery, CO10,03315555.4%
      Brandon, SD10,0301010.7%
      Plymouth, IN10,0298217.9%
      Tipp City, OH10,039972.9%
      Cypress Gardens, FL10,0401011.0%
      Elkhorn, WI10,034955.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.