Ipswich 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.
IndexIpswichMassachusettsNational
Cost of living index140130100
IndexIpswichMassachusettsNational
Goods & Services index127111100
Groceries index108113100
Health care index124111100
Housing index173167100
Transportation index116117100
Utilities index156126100
Displayed above is a general overview of the Ipswich, MA cost of living index. The overall cost of living index in Ipswich, MA is 140, which is 8% higher than the Massachusetts average and 40% higher 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 Ipswich, MA are 15% higher than the Massachusetts average and 27% higher than the national average.

Did you know?

  • The cost of living in Ipswich is 8% higher than the Massachusetts average.
  • The cost of living in Ipswich is 40% higher than the national average.
  • The cost of housing in Ipswich is 73% higher than the national average.
  • Massachusetts general sales tax is 23% higher than the national average.
  • Massachusetts state income tax is 132% higher than the national average.

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Compare Ipswich, MA Cost of living To Other Cities

Salary Calculator

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The salary calculator is used in order to provide a comparison of your current salary in Ipswich, MA 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 Ipswich, MA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Ipswich, MA 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$86,111$7,176$2,009$2,584
Renters$34,583$2,882$807$1,038
If you want to find a good determining factor for the cost of living and the general affordability of housing in Ipswich, MA, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Ipswich, MA, the median monthly income is $86,111 for those who own their own homes. Under the standard rule, that income level would allow for $2,009 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $34,583, per the median income in the area. That would allow for renters to spend up to $807 on monthly rental expenses.

Massachusetts Sales Tax

StateGeneral Sales TaxWith Max Surtax
Massachusetts6.25%6.25%

Massachusetts Income Tax

StateIncome Tax (Low)Income Tax (High)
Massachusetts5.15%5.15%
One thing to keep in mind when considering the cost of living in Ipswich, MA is the Massachusetts sales tax and Massachusetts 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 Massachusetts sales tax rate is 6.25% and the maximum surtax that can be charged is 6.25%. 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 Massachusetts income tax rates range from 5.15% to 5.15%.

Goods & Services

ItemIpswichNational avg.Difference
Haircut $19.67$14.5934.8%
Beauty Salon $54.00$34.6855.7%
Toothpaste $2.54$2.472.7%
Shampoo $1.00$1.022.2%
Movie $11.69$9.8718.5%
Bowling $5.75$4.3930.9%

Groceries

ItemIpswichNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.67$1.4614.1%
Milk $2.29$2.362.8%
Potatoes $3.29$3.067.5%
Pizza $10.00$9.248.2%
Beer $8.99$8.634.1%

Health Care

ItemIpswichNational avg.Difference
Optometrist $113.50$99.7813.8%
Doctor $151.00$105.0343.8%
Dentist $115.00$88.7029.6%
Ibuprofen $9.74$9.413.5%
Lipitor $310.83$298.504.1%

Housing

ItemIpswichNational avg.Difference
Home Price $358,600.00$175,700.00104.1%
Avg. Mortgage Payment $1,761.00$1,081.0362.9%
Apartment Rent $920.00$920.00 

Transportation

ItemIpswichNational avg.Difference
Gasoline $2.35$2.0912.3%
Tire Balancing $57.29$45.2926.5%

Utilities

ItemIpswichNational avg.Difference
All Electricity$292.18$170.8071.1%
Phone $38.25$28.2635.4%
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.
Lynn, MA91,28912828%
Haverhill, MA61,76912222%
Salem, MA42,32113535%
Amesbury Town, MA16,55412828%
Salisbury, MA4,75713030%
Ipswich, MA4,00314040%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Williamston, SC4,00383-17%
Valdez, AK4,00211818%
Fairview CDP, NJ4,00415656%
Pine Level, AL4,00294-6%
Sheffield, OH4,0041066%
Ipswich, MA4,00314040%
Source: The Ipswich, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.