Fairmount 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.
IndexFairmountNew YorkNational
Cost of living index96122100
IndexFairmountNew YorkNational
Goods & Services index100112100
Groceries index104103100
Health care index112104100
Housing index79149100
Transportation index123122100
Utilities index91102100
Displayed above is a general overview of the Fairmount, NY cost of living index. The overall cost of living index in Fairmount, NY is 96, which is 21% lower than the New York average and 4% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Fairmount, NY are 11% lower than the New York average and equal to the national average.

Did you know?

  • The cost of living in Fairmount is 21% lower than the New York average.
  • The cost of living in Fairmount is 4% lower than the national average.
  • The cost of housing in Fairmount is 21% lower 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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Salary Calculator

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The salary calculator allows you to compare how much your current salary in Fairmount, 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 Fairmount, NY, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Fairmount, 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$64,416$5,368$1,503$1,933
Renters$39,545$3,295$923$1,186
One can approximate the cost of living and the housing affordability in Fairmount, NY by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Fairmount, NY have a median income of $64,416. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,503 per month to avoid calamity and poverty. The renters in the city have an income of about $39,545, which would make their monthly maximum allowable rental costs $923.

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%
When considering the overall cost of living expenses in Fairmount, NY, it's important to take into account the sales tax for New York, as well as the rate for income tax in New York. 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 New York is 8.875%, and the sales tax in the state of New York is 4%. 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 New York starts from 4% and goes up to 8.82%.

Goods & Services

ItemFairmountNational avg.Difference
Haircut $15.75$14.597.9%
Beauty Salon $34.25$34.681.2%
Toothpaste $3.08$2.4724.5%
Shampoo $1.51$1.0247.7%
Movie $10.50$9.876.4%
Bowling $4.00$4.398.9%

Groceries

ItemFairmountNational avg.Difference
Ground Beef $4.41$4.481.5%
Fried Chicken $1.62$1.4610.7%
Milk $1.90$2.3619.4%
Potatoes $3.24$3.065.8%
Pizza $8.00$9.2413.4%
Beer $9.59$8.6311.1%

Health Care

ItemFairmountNational avg.Difference
Optometrist $109.00$99.789.2%
Doctor $143.69$105.0336.8%
Dentist $87.00$88.701.9%
Ibuprofen $9.48$9.410.7%
Lipitor $320.90$298.507.5%

Housing

ItemFairmountNational avg.Difference
Home Price $122,200.00$175,700.0030.4%
Avg. Mortgage Payment $1,281.68$1,081.0318.6%
Apartment Rent $938.00$920.002.0%

Transportation

ItemFairmountNational avg.Difference
Gasoline $2.63$2.0926.0%
Tire Balancing $51.93$45.2914.7%

Utilities

ItemFairmountNational avg.Difference
All Electricity$179.24$170.804.9%
Phone $19.99$28.2629.3%
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.
Sand Ridge, NY84582-18%
Seneca Knolls, NY1,93687-13%
Bridgeport, NY1,58388-12%
Phoenix, NY2,49789-11%
East Syracuse, NY3,05189-11%
Fairmount, NY10,12096-4%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Conning Towers Nautilus Park, CT10,13012727%
Woodlyn, PA10,13111111%
Gonzales, LA10,13792-8%
Lanham, MD10,10211515%
Waterloo, IL10,102100-0%
Fairmount, NY10,12096-4%
Source: The Fairmount, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.