McCordsville 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.
IndexMcCordsvilleIndianaNational
Cost of living index10088100
IndexMcCordsvilleIndianaNational
Goods & Services index9795100
Groceries index9592100
Health care index9895100
Housing index11173100
Transportation index9193100
Utilities index9493100
The above illustration supplies generalized information for the McCordsville, IN cost of living index. Compared to other cities in Indiana and cities across the country, the cost of living index in McCordsville, IN is 100, which is 14% higher than the Indiana average and equal to that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in McCordsville, IN are 2% higher than the average for Indiana and 3% lower than the rest of the country.

Did you know?

  • The cost of living in McCordsville is 14% higher than the Indiana average.
  • The cost of living in McCordsville is equal to the national average.
  • The cost of housing in McCordsville is 11% higher 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 McCordsville, 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 McCordsville, IN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the McCordsville, 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$82,895$6,908$1,934$2,487
Renters$82,821$6,902$1,932$2,485
The affordability of the housing market in McCordsville, 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 McCordsville, IN homeowners, the median income is $82,895. This indicates that a monthly maximum of $1,934 should be spent by homeowners on all housing related costs. Renters have a median income of $82,821. This indicates that renters should have a maximum of $1,932 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%
When you are determining the total cost of living in McCordsville, IN you will want to make sure you consider both the Indiana sales tax and the Indiana income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Indiana is 7%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Indiana have a range from 3.3% to 3.3%.

Goods & Services

ItemMcCordsvilleNational avg.Difference
Haircut $12.00$14.5917.8%
Beauty Salon $26.00$34.6825.0%
Toothpaste $1.91$2.4722.8%
Shampoo $0.91$1.0211.0%
Movie $8.50$9.8713.9%
Bowling $3.50$4.3920.3%

Groceries

ItemMcCordsvilleNational avg.Difference
Ground Beef $4.64$4.483.6%
Fried Chicken $1.14$1.4622.1%
Milk $2.20$2.366.6%
Potatoes $2.76$3.069.8%
Pizza $13.99$9.2451.4%
Beer $7.86$8.639.0%

Health Care

ItemMcCordsvilleNational avg.Difference
Optometrist $105.00$99.785.2%
Doctor $93.55$105.0310.9%
Dentist $88.00$88.700.8%
Ibuprofen $8.38$9.4111.0%
Lipitor $317.03$298.506.2%

Housing

ItemMcCordsvilleNational avg.Difference
Home Price $174,600.00$175,700.000.6%
Avg. Mortgage Payment $823.57$1,081.0323.8%
Apartment Rent $1,270.00$920.0038.0%

Transportation

ItemMcCordsvilleNational avg.Difference
Gasoline $1.98$2.095.4%
Tire Balancing $36.64$45.2919.1%

Utilities

ItemMcCordsvilleNational avg.Difference
All Electricity$160.91$170.805.8%
Phone $26.65$28.265.7%
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.
Anderson, IN55,78982-18%
Beech Grove, IN14,30185-15%
Lapel, IN1,76086-14%
Fortville, IN4,05588-12%
Ingalls, IN2,15288-12%
McCordsville, IN5,0371000%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Terrell Hills, TX5,03712929%
Munroe Falls, OH5,03794-6%
Swoyersville, PA5,03896-4%
Sparta, TN5,03680-20%
Port Isabel, TX5,03375-25%
McCordsville, IN5,0371000%
Source: The McCordsville, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.