Greenwood 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.
IndexGreenwoodIndianaNational
Cost of living index9188100
IndexGreenwoodIndianaNational
Goods & Services index9895100
Groceries index9492100
Health care index9995100
Housing index7973100
Transportation index9293100
Utilities index9193100
A general overview of the cost of living index for Greenwood, IN is displayed above. In Greenwood, IN, the overall cost of living index is 91, which is 3% higher than the Indiana average and 9% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Greenwood, IN, the city's goods and services are 3% higher than the Indiana average and 2% lower than the U.S. average.

Did you know?

  • The cost of living in Greenwood is 3% higher than the Indiana average.
  • The cost of living in Greenwood is 9% lower than the national average.
  • The cost of housing in Greenwood is 21% 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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Salary Calculator

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Use the salary calculator to compare your current income in Greenwood, IN to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Greenwood, IN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Greenwood, IN salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$69,299$5,775$1,617$2,079
Renters$37,471$3,123$874$1,124
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 Greenwood, IN, 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. Greenwood, IN has a median income of about $69,299 for people who own homes. Based on that number, a person should spend a maximum of $1,617 on expenses related to housing. Renters have a slightly different median income, which is $37,471. Based on this average, renters should spend no more than $874 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
One thing to keep in mind when considering the cost of living in Greenwood, IN is the Indiana sales tax and Indiana income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Indiana sales tax rate is 7% and the maximum surtax that can be charged is 7%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Indiana income tax rates range from 3.3% to 3.3%.

Goods & Services

ItemGreenwoodNational avg.Difference
Haircut $19.60$14.5934.3%
Beauty Salon $29.80$34.6814.1%
Toothpaste $2.34$2.475.4%
Shampoo $1.03$1.020.8%
Movie $10.53$9.876.7%
Bowling $4.30$4.392.1%

Groceries

ItemGreenwoodNational avg.Difference
Ground Beef $4.34$4.483.1%
Fried Chicken $1.18$1.4619.4%
Milk $1.96$2.3616.8%
Potatoes $2.86$3.066.6%
Pizza $8.99$9.242.7%
Beer $7.98$8.637.6%

Health Care

ItemGreenwoodNational avg.Difference
Optometrist $84.30$99.7815.5%
Doctor $96.50$105.038.1%
Dentist $87.80$88.701.0%
Ibuprofen $8.69$9.417.7%
Lipitor $335.04$298.5012.2%

Housing

ItemGreenwoodNational avg.Difference
Home Price $131,700.00$175,700.0025.0%
Avg. Mortgage Payment $821.91$1,081.0324.0%
Apartment Rent $823.00$920.0010.5%

Transportation

ItemGreenwoodNational avg.Difference
Gasoline $2.01$2.093.9%
Tire Balancing $36.41$45.2919.6%

Utilities

ItemGreenwoodNational avg.Difference
All Electricity$156.80$170.808.2%
Phone $25.68$28.269.1%
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.
Fairland, IN33482-18%
Beech Grove, IN14,30185-15%
Bethany, IN10986-14%
Brooklyn, IN1,63487-13%
Speedway, IN12,01288-12%
Greenwood, IN52,79991-9%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Lake Havasu City, AZ52,8271022%
Kingsport, TN52,83589-11%
Delano, CA52,88399-1%
Aloha, OR52,90211717%
Bellevue, NE52,69091-9%
Greenwood, IN52,79991-9%
Source: The Greenwood, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.