Knox 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.
IndexKnoxIndianaNational
Cost of living index8188100
IndexKnoxIndianaNational
Goods & Services index8895100
Groceries index9092100
Health care index9295100
Housing index5573100
Transportation index11293100
Utilities index8493100
Displayed above is a general overview of the Knox, IN cost of living index. The overall cost of living index in Knox, IN is 81, which is 8% lower than the Indiana average and 19% 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 Knox, IN are 7% lower than the Indiana average and 12% lower than the national average.

Did you know?

  • The cost of living in Knox is 8% lower than the Indiana average.
  • The cost of living in Knox is 19% lower than the national average.
  • The cost of housing in Knox is 45% 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 Knox, 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 Knox, IN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Knox, 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$34,167$2,847$797$1,025
Renters$23,438$1,953$547$703
The affordability of the housing market in Knox, IN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Knox, IN homeowners, the median income is $34,167. This indicates that a monthly maximum of $797 should be spent by homeowners on all housing related costs. Renters have a median income of $23,438. This indicates that renters should have a maximum of $547 used for their rent related monthly costs.

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 Knox, 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

ItemKnoxNational avg.Difference
Haircut $16.50$14.5913.1%
Beauty Salon $29.00$34.6816.4%
Toothpaste $2.03$2.4717.9%
Shampoo $0.88$1.0213.9%
Movie $8.15$9.8717.4%
Bowling $3.31$4.3924.6%

Groceries

ItemKnoxNational avg.Difference
Ground Beef $4.39$4.481.9%
Fried Chicken $1.54$1.465.2%
Milk $1.95$2.3617.3%
Potatoes $2.68$3.0612.5%
Pizza $8.99$9.242.7%
Beer $8.45$8.632.1%

Health Care

ItemKnoxNational avg.Difference
Optometrist $104.33$99.784.6%
Doctor $108.67$105.033.5%
Dentist $81.00$88.708.7%
Ibuprofen $8.24$9.4112.5%
Lipitor $229.33$298.5023.2%

Housing

ItemKnoxNational avg.Difference
Home Price $83,400.00$175,700.0052.5%
Avg. Mortgage Payment $883.48$1,081.0318.3%
Apartment Rent $663.00$920.0027.9%

Transportation

ItemKnoxNational avg.Difference
Gasoline $2.61$2.0924.9%
Tire Balancing $34.00$45.2924.9%

Utilities

ItemKnoxNational avg.Difference
All Electricity$137.40$170.8019.6%
Phone $25.01$28.2611.5%
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.
San Pierre, IN9076-24%
Monterey, IN24977-23%
Medaryville, IN60080-20%
Kingsford Heights, IN1,55879-21%
North Judson, IN1,93080-20%
Knox, IN3,65881-19%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Northfield, OH3,65894-6%
Horicon, WI3,65894-6%
Dublin, TX3,65886-14%
Columbus, TX3,65888-12%
Volo, IL3,65811111%
Knox, IN3,65881-19%
Source: The Knox, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.