Fairmont 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.
IndexFairmontWest VirginiaNational
Cost of living index8586100
IndexFairmontWest VirginiaNational
Goods & Services index100100100
Groceries index101101100
Health care index9292100
Housing index5860100
Transportation index9797100
Utilities index8888100
An overview of the general cost of living index for Fairmont, WV is displayed above for your reference. Residents in Fairmont, WV enjoy a cost of living index of 85. This index is 1% lower than the West Virginia average, and 15% 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 Fairmont, WV, the average cost of goods and services is equal to it is in West Virginia, and it is equal to the national average.

Did you know?

  • The cost of living in Fairmont is 1% lower than the West Virginia average.
  • The cost of living in Fairmont is 15% lower than the national average.
  • The cost of housing in Fairmont is 42% lower than the national average.
  • West Virginia general sales tax is 18% higher than the national average.
  • West Virginia state income tax is 35% higher than the national average.

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Compare Fairmont, WV Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Fairmont, WV to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Fairmont, WV, then you would need to earn more income in order to maintain the same standard of living. To use the Fairmont, WV salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$50,280$4,190$1,173$1,509
Renters$16,777$1,398$391$503
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Fairmont, WV, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Fairmont, WV has a median income of about $50,280 for people who own homes. Based on that number, a person should spend a maximum of $1,173 on expenses related to housing. Renters have a slightly different median income, which is $16,777. Based on this average, renters should spend no more than $391 on all of their rental costs if they want to maintain a non-impoverished standard of living.

West Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax
West Virginia6%7%

West Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
West Virginia3%6.5%
The West Virginia sales tax and West Virginia income tax rates should definitely be considered when determining the overall cost of living in Fairmont, WV. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The West Virginia sales tax is 6% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The West Virginia income tax rates range from 3% to 6.5%.

Goods & Services

ItemFairmontNational avg.Difference
Haircut $12.75$15.5618.1%
Beauty Salon $32.72$36.119.4%
Toothpaste $2.55$2.473.3%
Shampoo $0.94$0.962.2%
Movie $10.20$10.130.7%
Bowling $4.17$4.7412.0%

Groceries

ItemFairmontNational avg.Difference
Ground Beef $4.19$3.985.2%
Fried Chicken $1.46$1.413.8%
Milk $2.05$2.060.8%
Potatoes $3.45$2.9815.8%
Pizza $9.00$9.475.0%
Beer $8.55$8.792.8%

Health Care

ItemFairmontNational avg.Difference
Optometrist $89.67$101.0411.3%
Doctor $96.00$107.4410.6%
Dentist $77.00$90.4214.8%
Ibuprofen $8.91$9.283.9%
Lipitor $443.98$426.504.1%

Housing

ItemFairmontNational avg.Difference
Home Price $92,100.00$175,700.0047.6%
Avg. Mortgage Payment $1,082.34$1,133.234.5%
Apartment Rent $643.00$920.0030.1%

Transportation

ItemFairmontNational avg.Difference
Gasoline $2.13$1.996.9%
Tire Balancing $33.51$45.7626.8%

Utilities

ItemFairmontNational avg.Difference
All Electricity$129.76$163.8120.8%
Phone $28.66$28.391.0%
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, StatePopulationCost of Living IndexNational Avg.
Gypsy, WV38673-27%
Spelter, WV51974-26%
Idamay, WV27677-23%
Carolina, WV31878-22%
Flemington, WV35679-21%
Fairmont, WV18,74685-15%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Pinole, CA18,75413838%
Saco, ME18,75711212%
Ojus, FL18,7611022%
Oxon Hill, MD18,72311717%
Laurel, MS18,72077-23%
Fairmont, WV18,74685-15%
Source: The Fairmont, WV cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.