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.
IndexElwoodNew YorkNational
Cost of living index162122100
IndexElwoodNew YorkNational
Goods & Services index126112100
Groceries index122103100
Health care index115104100
Housing index254149100
Transportation index100122100
Utilities index132102100
A general summary of the cost of living index in Elwood, NY is shown above. Compared to the state average of New York the cost of living index in Elwood, NY is 162, which is 33% higher than the average in New York and compared to the national average it is 62% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Elwood, NY goods and services come in at 12% higher than the average in New York and are 26% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Elwood is 33% higher than the New York average.
  • The cost of living in Elwood is 62% higher than the national average.
  • The cost of housing in Elwood is 154% higher than the national average.
  • New York general sales tax is 21% lower than the national average.
  • New York state income tax is 80% higher than the national average.

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Compare Elwood, NY Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Elwood, NY would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Elwood, NY, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Elwood, NY salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$111,622$9,302$2,604$3,349
Renters$37,895$3,158$884$1,137
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Elwood, NY as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Elwood, NY homeowners, is $111,622. This would allow for a maximum of $2,604 per month to be spent on housing costs. For renters, the median monthly income is $37,895 which would result in a maximum of $884 to be spent on rental costs.

New York Sales Tax

StateGeneral Sales TaxWith Max Surtax
New York4%8.875%

New York Income Tax

StateIncome Tax (Low)Income Tax (High)
New York4%8.82%
For those who live in Elwood, NY and want to know what the true cost of living is, they ought to look at both the New York income tax rate and the New York sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In New York, the sales tax is 4%, while the most you'll pay in surtax is 8.875%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in New York, the income tax rate ranges between 4% to 8.82%.

Goods & Services

ItemElwoodNational avg.Difference
Haircut $20.00$14.5937.0%
Beauty Salon $67.50$34.6894.6%
Toothpaste $4.04$2.4763.3%
Shampoo $0.88$1.0213.9%
Movie $14.75$9.8749.5%
Bowling $7.94$4.3980.8%

Groceries

ItemElwoodNational avg.Difference
Ground Beef $3.99$4.4810.9%
Fried Chicken $1.04$1.4629.0%
Milk $2.26$2.364.1%
Potatoes $3.92$3.0628.0%
Pizza $10.00$9.248.2%
Beer $9.82$8.6313.8%

Health Care

ItemElwoodNational avg.Difference
Optometrist $111.67$99.7811.9%
Doctor $123.75$105.0317.8%
Dentist $110.00$88.7024.0%
Ibuprofen $10.33$9.419.8%
Lipitor $299.00$298.500.2%

Housing

ItemElwoodNational avg.Difference
Home Price $478,300.00$175,700.00172.2%
Avg. Mortgage Payment $2,127.00$1,081.0396.8%
Apartment Rent $1,958.00$920.00112.8%

Transportation

ItemElwoodNational avg.Difference
Gasoline $2.06$2.091.5%
Tire Balancing $47.99$45.296.0%

Utilities

ItemElwoodNational avg.Difference
All Electricity$262.56$170.8053.7%
Phone $29.01$28.262.7%
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.
Central Islip, NY36,23313131%
Brentwood, NY59,43613131%
Baywood, NY7,68113232%
North Amityville, NY19,60813232%
North Bay Shore, NY19,99513232%
Elwood, NY10,83316262%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Echelon, NJ10,83111313%
Barrington, IL10,83014444%
Spearfish, SD10,83693-7%
Picayune, MS10,83888-12%
Worth, IL10,8271033%
Elwood, NY10,83316262%
Source: The Elwood, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.