New Albany 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.
IndexNew AlbanyIndianaNational
Cost of living index8988100
IndexNew AlbanyIndianaNational
Goods & Services index10295100
Groceries index9692100
Health care index9095100
Housing index6873100
Transportation index10593100
Utilities index8893100
An overview of the general cost of living index for New Albany, IN is displayed above for your reference. Residents in New Albany, IN enjoy a cost of living index of 89. This index is 2% higher than the Indiana average, and 11% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in New Albany, IN, the average cost of goods and services is 8% higher than it is in Indiana, and it is 2% higher than the national average.

Did you know?

  • The cost of living in New Albany is 2% higher than the Indiana average.
  • The cost of living in New Albany is 11% lower than the national average.
  • The cost of housing in New Albany is 32% 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 New Albany, 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 New Albany, IN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the New Albany, 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$52,313$4,359$1,221$1,570
Renters$23,593$1,966$550$708
The affordability of the housing market in New Albany, 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 New Albany, IN homeowners, the median income is $52,313. This indicates that a monthly maximum of $1,221 should be spent by homeowners on all housing related costs. Renters have a median income of $23,593. This indicates that renters should have a maximum of $550 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 New Albany, 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

ItemNew AlbanyNational avg.Difference
Haircut $12.80$14.5912.3%
Beauty Salon $35.33$34.681.9%
Toothpaste $2.31$2.476.6%
Shampoo $0.93$1.029.0%
Movie $9.25$9.876.3%
Bowling $4.25$4.393.2%

Groceries

ItemNew AlbanyNational avg.Difference
Ground Beef $3.97$4.4811.3%
Fried Chicken $1.28$1.4612.6%
Milk $2.01$2.3614.7%
Potatoes $3.01$3.061.7%
Pizza $10.00$9.248.2%
Beer $8.85$8.632.5%

Health Care

ItemNew AlbanyNational avg.Difference
Optometrist $82.50$99.7817.3%
Doctor $88.50$105.0315.7%
Dentist $88.40$88.700.3%
Ibuprofen $8.91$9.415.3%
Lipitor $246.60$298.5017.4%

Housing

ItemNew AlbanyNational avg.Difference
Home Price $112,300.00$175,700.0036.1%
Avg. Mortgage Payment $835.10$1,081.0322.7%
Apartment Rent $699.00$920.0024.0%

Transportation

ItemNew AlbanyNational avg.Difference
Gasoline $2.21$2.095.9%
Tire Balancing $46.40$45.292.5%

Utilities

ItemNew AlbanyNational avg.Difference
All Electricity$126.60$170.8025.9%
Phone $30.22$28.266.9%
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.
Elizabeth, IN19283-17%
Crandall, IN13783-17%
New Pekin, IN1,38284-16%
New Salisbury, IN50985-15%
West Buechel, KY1,24585-15%
New Albany, IN36,49689-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Richmond, IN36,52775-25%
Braintree Town, MA36,54314545%
Trumbull, CT36,44415151%
Reynoldsburg, OH36,43991-9%
Lewiston, ME36,4101033%
New Albany, IN36,49689-11%
Source: The New Albany, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.