Farmers Loop 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.
IndexFarmers LoopAlaskaNational
Cost of living index142133100
IndexFarmers LoopAlaskaNational
Goods & Services index124119100
Groceries index123128100
Health care index148143100
Housing index135135100
Transportation index138146100
Utilities index245159100
A general summary of the cost of living index in Farmers Loop, AK is shown above. Compared to the state average of Alaska the cost of living index in Farmers Loop, AK is 142, which is 7% higher than the average in Alaska and compared to the national average it is 42% 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 Farmers Loop, AK goods and services come in at 4% higher than the average in Alaska and are 24% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Farmers Loop is 7% higher than the Alaska average.
  • The cost of living in Farmers Loop is 42% higher than the national average.
  • The cost of housing in Farmers Loop is 35% higher than the national average.
  • Alaska general sales tax is 100% lower than the national average.
  • Alaska state income tax is 100% lower than the national average.

Find Real Estate Listings In Farmers Loop

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Farmers Loop

Compare Farmers Loop, AK 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
The salary calculator is used in order to provide a comparison of your current salary in Farmers Loop, AK to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Farmers Loop, AK, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Farmers Loop, AK salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$102,367$8,531$2,388$3,071
Renters$42,155$3,513$984$1,265
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Farmers Loop, AK 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 Farmers Loop, AK homeowners, is $102,367. This would allow for a maximum of $2,388 per month to be spent on housing costs. For renters, the median monthly income is $42,155 which would result in a maximum of $984 to be spent on rental costs.

Alaska Sales Tax

StateGeneral Sales TaxWith Max Surtax
Alaska0%7%

Alaska Income Tax

StateIncome Tax (Low)Income Tax (High)
Alaska0%0%
When considering the overall cost of living expenses in Farmers Loop, AK, it's important to take into account the sales tax for Alaska, as well as the rate for income tax in Alaska. 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 Alaska is 7%, and the sales tax in the state of Alaska is 0%. 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 Alaska starts from 0% and goes up to 0%.

Goods & Services

ItemFarmers LoopNational avg.Difference
Haircut $13.32$14.598.7%
Beauty Salon $44.40$34.6828.0%
Toothpaste $2.93$2.4718.5%
Shampoo $1.25$1.0222.3%
Movie $12.00$9.8721.6%
Bowling $5.00$4.3913.9%

Groceries

ItemFarmers LoopNational avg.Difference
Ground Beef $5.71$4.4827.5%
Fried Chicken $1.61$1.4610.0%
Milk $2.37$2.360.6%
Potatoes $4.29$3.0640.1%
Pizza $12.99$9.2440.5%
Beer $10.32$8.6319.5%

Health Care

ItemFarmers LoopNational avg.Difference
Optometrist $230.00$99.78130.5%
Doctor $173.50$105.0365.2%
Dentist $143.72$88.7062.0%
Ibuprofen $8.98$9.414.6%
Lipitor $308.87$298.503.5%

Housing

ItemFarmers LoopNational avg.Difference
Home Price $255,800.00$175,700.0045.6%
Avg. Mortgage Payment $1,310.09$1,081.0321.2%
Apartment Rent $1,030.00$920.0012.0%

Transportation

ItemFarmers LoopNational avg.Difference
Gasoline $3.10$2.0948.2%
Tire Balancing $49.53$45.299.4%

Utilities

ItemFarmers LoopNational avg.Difference
All Electricity$591.16$170.80246.1%
Phone $29.63$28.264.9%
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.
South Van Horn, AK54711515%
Fox, AK51011818%
Goldstream, AK3,91013232%
Ester, AK2,65313232%
North Pole, AK2,15313737%
Farmers Loop, AK4,06214242%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Carlisle, IA4,06288-12%
Westborough, MA4,06113838%
Madison, IL4,06184-16%
Livingston, TN4,06078-22%
Friona, TX4,05978-22%
Farmers Loop, AK4,06214242%
Source: The Farmers Loop, AK cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.