Lake Mills 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.
IndexLake MillsWisconsinNational
Cost of living index9998100
IndexLake MillsWisconsinNational
Goods & Services index102100100
Groceries index105100100
Health care index122112100
Housing index9091100
Transportation index10699100
Utilities index92102100
A general overview of the cost of living index for Lake Mills, WI is displayed above. In Lake Mills, WI, the overall cost of living index is 99, which is 1% higher than the Wisconsin average and 1% 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 Lake Mills, WI, the city's goods and services are 2% higher than the Wisconsin average and 2% higher than the U.S. average.

Did you know?

  • The cost of living in Lake Mills is 1% higher than the Wisconsin average.
  • The cost of living in Lake Mills is 1% lower than the national average.
  • The cost of housing in Lake Mills is 10% lower than the national average.
  • Wisconsin general sales tax is 2% lower than the national average.
  • Wisconsin state income tax is 98% higher than the national average.

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Compare Lake Mills, WI Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Lake Mills, WI to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Lake Mills, WI, then you would need to earn more income in order to maintain the same standard of living. To use the Lake Mills, WI salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$67,997$5,666$1,586$2,040
Renters$51,753$4,313$1,207$1,553
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 Lake Mills, WI, 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. Lake Mills, WI has a median income of about $67,997 for people who own homes. Based on that number, a person should spend a maximum of $1,586 on expenses related to housing. Renters have a slightly different median income, which is $51,753. Based on this average, renters should spend no more than $1,207 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Wisconsin Sales Tax

StateGeneral Sales TaxWith Max Surtax
Wisconsin5%5.6%

Wisconsin Income Tax

StateIncome Tax (Low)Income Tax (High)
Wisconsin4.4%7.65%
One thing to keep in mind when considering the cost of living in Lake Mills, WI is the Wisconsin sales tax and Wisconsin 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 Wisconsin sales tax rate is 5% and the maximum surtax that can be charged is 5.6%. 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 Wisconsin income tax rates range from 4.4% to 7.65%.

Goods & Services

ItemLake MillsNational avg.Difference
Haircut $16.67$14.5914.2%
Beauty Salon $44.00$34.6826.9%
Toothpaste $2.49$2.470.7%
Shampoo $1.02$1.020.2%
Movie $11.08$9.8712.3%
Bowling $4.00$4.398.9%

Groceries

ItemLake MillsNational avg.Difference
Ground Beef $4.26$4.484.8%
Fried Chicken $2.35$1.4660.5%
Milk $2.59$2.369.9%
Potatoes $1.99$3.0635.0%
Pizza $8.00$9.2413.4%
Beer $8.09$8.636.3%

Health Care

ItemLake MillsNational avg.Difference
Optometrist $58.00$99.7841.9%
Doctor $173.00$105.0364.7%
Dentist $98.67$88.7011.2%
Ibuprofen $11.26$9.4119.6%
Lipitor $318.79$298.506.8%

Housing

ItemLake MillsNational avg.Difference
Home Price $165,500.00$175,700.005.8%
Avg. Mortgage Payment $1,245.22$1,081.0315.2%
Apartment Rent $753.00$920.0018.2%

Transportation

ItemLake MillsNational avg.Difference
Gasoline $2.11$2.090.8%
Tire Balancing $55.00$45.2921.5%

Utilities

ItemLake MillsNational avg.Difference
All Electricity$183.62$170.807.5%
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.
Helenville, WI23995-5%
Jefferson, WI7,96895-5%
Waterloo, WI3,34697-3%
Watertown, WI23,89997-3%
Fort Atkinson, WI12,43696-4%
Lake Mills, WI5,76899-1%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Holdenville, OK5,76873-27%
Lucerne Valley, CA5,76796-4%
Comstock Northwest, MI5,76987-13%
Norwood, NJ5,76917979%
Belding, MI5,76484-16%
Lake Mills, WI5,76899-1%
Source: The Lake Mills, WI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.