Nantucket, MA Cost Of Living

Nantucket 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.
Index	Nantucket	Massachusetts	National
Cost of living index	198	131	100
Index	Nantucket	Massachusetts	National
Goods & Services index	119	120	100
Groceries index	115	107	100
Health care index	110	120	100
Housing index	387	165	100
Transportation index	102	106	100
Utilities index	127	123	100

A general overview of the cost of living index for Nantucket, MA is displayed above. In Nantucket, MA, the overall cost of living index is 198, which is 51% higher than the Massachusetts average and 98% higher 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 Nantucket, MA, the city's goods and services are 1% lower than the Massachusetts average and 19% higher than the U.S. average.

Did you know?

The cost of living in Nantucket is 51% higher than the Massachusetts average.
The cost of living in Nantucket is 98% higher than the national average.
The cost of housing in Nantucket is 287% higher than the national average.
Massachusetts general sales tax is 23% higher than the national average.
Massachusetts state income tax is 129% higher than the national average.

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Compare Nantucket, MA Cost of living To Other Cities

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator allows you to compare how much your current salary in Nantucket, MA would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Nantucket, MA, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Nantucket, MA salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$114,100	$9,508	$2,662	$3,423
Renters	$56,442	$4,704	$1,317	$1,693

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Nantucket, MA as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Nantucket, MA homeowners, is $114,100. This would allow for a maximum of $2,662 per month to be spent on housing costs. For renters, the median monthly income is $56,442 which would result in a maximum of $1,317 to be spent on rental costs.

Massachusetts Sales Tax

State	General Sales Tax	With Max Surtax
Massachusetts	6.25%	6.25%

Massachusetts Income Tax

State	Income Tax (Low)	Income Tax (High)
Massachusetts	5.1%	5.1%

One thing to keep in mind when considering the cost of living in Nantucket, 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 5.1% to 5.1%.

Goods & Services

Item	Nantucket	National avg.	Difference
Haircut	$17.68	$16.09	9.9%
Beauty Salon	$55.55	$37.33	48.8%
Toothpaste	$3.46	$2.45	41.4%
Shampoo	$1.02	$1.00	2.3%
Movie	$11.42	$10.28	11.1%
Bowling	$5.67	$4.93	14.9%

Groceries

Item	Nantucket	National avg.	Difference
Ground Beef	$4.20	$3.80	10.3%
Fried Chicken	$1.62	$1.40	16.2%
Milk	$2.39	$2.01	19.0%
Potatoes	$3.79	$3.01	25.9%
Pizza	$9.66	$9.89	2.3%
Beer	$10.16	$8.90	14.1%

Health Care

Item	Nantucket	National avg.	Difference
Optometrist	$125.67	$102.16	23.0%
Doctor	$146.33	$108.36	35.0%
Dentist	$91.00	$92.53	1.7%
Ibuprofen	$9.76	$9.28	5.2%
Lipitor	$395.65	$425.82	7.1%

Housing

Item	Nantucket	National avg.	Difference
Home Price	$895,000.00	$184,700.00	384.6%
Avg. Mortgage Payment	$1,565.25	$1,202.44	30.2%
Apartment Rent	$1,520.00	$949.00	60.2%

Transportation

Item	Nantucket	National avg.	Difference
Gasoline	$2.21	$2.24	1.5%
Tire Balancing	$50.00	$46.29	8.0%

Utilities

Item	Nantucket	National avg.	Difference
All Electricity	$212.39	$165.96	28.0%
Phone	$36.19	$28.68	26.2%

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, State	Population	Cost of Living Index	National Avg.
Madaket, MA	307	240	140%
Siasconset, MA	183	350	250%
Nantucket, MA	7,830	198	98%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Olivette, MO	7,830	111	11%
Fair Lakes, VA	7,829	146	46%
Ruidoso, NM	7,833	93	-7%
Webster City, IA	7,825	81	-19%
Spanish Fort, AL	7,825	108	8%
Nantucket, MA	7,830	198	98%

Source: The Nantucket, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Nantucket, MA Cost of Living