Elwood cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexElwoodIndianaNational
Cost of living index8287100
IndexElwoodIndianaNational
Goods & Services index9994100
Groceries index9694100
Health care index9895100
Housing index4973100
Transportation index9692100
Utilities index9090100
An overview of the general cost of living index for Elwood, IN is displayed above for your reference. Residents in Elwood, IN enjoy a cost of living index of 82. This index is 6% lower than the Indiana average, and 18% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Elwood, IN, the average cost of goods and services is 5% higher than it is in Indiana, and it is 1% lower than the national average.

Did you know?

  • The cost of living in Elwood is 6% lower than the Indiana average.
  • The cost of living in Elwood is 18% lower than the national average.
  • The cost of housing in Elwood is 51% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 48% higher than the national average.

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Compare Elwood, IN Cost of living To Other Cities

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
Using the salary calculator lets you compare the salary you earn in Elwood, IN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Elwood, IN, you have to earn a higher income in order to still have the same standard of living. To operate the Elwood, IN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$45,929$3,827$1,072$1,378
Renters$19,975$1,665$466$599
The affordability of the housing market in Elwood, IN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Elwood, IN homeowners, the median income is $45,929. This indicates that a monthly maximum of $1,072 should be spent by homeowners on all housing related costs. Renters have a median income of $19,975. This indicates that renters should have a maximum of $466 used for their rent related monthly costs.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
When considering the overall cost of living expenses in Elwood, IN, it's important to take into account the sales tax for Indiana, as well as the rate for income tax in Indiana. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Indiana is 7%, and the sales tax in the state of Indiana is 7%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Indiana starts from 3.3% and goes up to 3.3%.

Goods & Services

ItemElwoodNational avg.Difference
Haircut $15.85$15.561.8%
Beauty Salon $24.37$36.1132.5%
Toothpaste $2.49$2.470.8%
Shampoo $1.00$0.963.1%
Movie $8.98$10.1311.4%
Bowling $4.08$4.7413.9%

Groceries

ItemElwoodNational avg.Difference
Ground Beef $4.04$3.981.3%
Fried Chicken $1.25$1.4111.3%
Milk $1.64$2.0620.3%
Potatoes $3.98$2.9833.3%
Pizza $10.49$9.4710.8%
Beer $9.44$8.797.3%

Health Care

ItemElwoodNational avg.Difference
Optometrist $92.59$101.048.4%
Doctor $96.18$107.4410.5%
Dentist $85.47$90.425.5%
Ibuprofen $9.08$9.282.1%
Lipitor $487.00$426.5014.2%

Housing

ItemElwoodNational avg.Difference
Home Price $66,100.00$175,700.0062.4%
Avg. Mortgage Payment $884.32$1,133.2322.0%
Apartment Rent $691.00$920.0024.9%

Transportation

ItemElwoodNational avg.Difference
Gasoline $1.89$1.995.2%
Tire Balancing $45.41$45.760.8%

Utilities

ItemElwoodNational avg.Difference
All Electricity$158.46$163.813.3%
Phone $22.90$28.3919.3%
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, StatePopulationCost of Living IndexNational Avg.
Jonesboro, IN1,70282-18%
Chesterfield, IN2,52882-18%
Summitville, IN1,07882-18%
Alexandria, IN5,10082-18%
Windfall City, IN89283-17%
Elwood, IN8,56982-18%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Oak Hills Place, LA8,56811111%
Tuscumbia, AL8,56586-14%
Dormont, PA8,56587-13%
Hickam Housing, HI8,57316666%
Poteau, OK8,56384-16%
Elwood, IN8,56982-18%
Source: The Elwood, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.