Norwood 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.
IndexNorwoodMassachusettsNational
Cost of living index145130100
IndexNorwoodMassachusettsNational
Goods & Services index127111100
Groceries index108113100
Health care index124111100
Housing index190167100
Transportation index116117100
Utilities index156126100
Here we can see a simple outline of the cost of living in Norwood, MA. As you can see, with the average cost of living in Norwood, MA being 145, that puts it 12% higher than the average of Massachusetts and 45% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Norwood, MA, the price of goods and services are 15% higher than the average of Massachusetts as well as 27% higher than the nation's average.

Did you know?

  • The cost of living in Norwood is 12% higher than the Massachusetts average.
  • The cost of living in Norwood is 45% higher than the national average.
  • The cost of housing in Norwood is 90% higher than the national average.
  • Massachusetts general sales tax is 23% higher than the national average.
  • Massachusetts state income tax is 132% higher than the national average.

Find Real Estate Listings In Norwood

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Norwood

Compare Norwood, MA Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current salary in Norwood, MA 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 Norwood, MA, then you would need to earn more income in order to maintain the same standard of living. To use the Norwood, MA 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$96,804$8,067$2,259$2,904
Renters$58,839$4,903$1,373$1,765
One can approximate the cost of living and the housing affordability in Norwood, MA by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Norwood, MA have a median income of $96,804. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,259 per month to avoid calamity and poverty. The renters in the city have an income of about $58,839, which would make their monthly maximum allowable rental costs $1,373.

Massachusetts Sales Tax

StateGeneral Sales TaxWith Max Surtax
Massachusetts6.25%6.25%

Massachusetts Income Tax

StateIncome Tax (Low)Income Tax (High)
Massachusetts5.15%5.15%
When assessing the complete cost of living in Norwood, MA, the Massachusetts income tax and the Massachusetts sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Massachusetts maximum surtax is 6.25%, and the Massachusetts sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 5.15% to 5.15% in Massachusetts.

Goods & Services

ItemNorwoodNational avg.Difference
Haircut $19.67$14.5934.8%
Beauty Salon $54.00$34.6855.7%
Toothpaste $2.54$2.472.7%
Shampoo $1.00$1.022.2%
Movie $11.69$9.8718.5%
Bowling $5.75$4.3930.9%

Groceries

ItemNorwoodNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.67$1.4614.1%
Milk $2.29$2.362.8%
Potatoes $3.29$3.067.5%
Pizza $10.00$9.248.2%
Beer $8.99$8.634.1%

Health Care

ItemNorwoodNational avg.Difference
Optometrist $113.50$99.7813.8%
Doctor $151.00$105.0343.8%
Dentist $115.00$88.7029.6%
Ibuprofen $9.74$9.413.5%
Lipitor $310.83$298.504.1%

Housing

ItemNorwoodNational avg.Difference
Home Price $376,800.00$175,700.00114.5%
Avg. Mortgage Payment $1,761.00$1,081.0362.9%
Apartment Rent $1,229.00$920.0033.6%

Transportation

ItemNorwoodNational avg.Difference
Gasoline $2.35$2.0912.3%
Tire Balancing $57.29$45.2926.5%

Utilities

ItemNorwoodNational avg.Difference
All Electricity$292.18$170.8071.1%
Phone $38.25$28.2635.4%
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.
Southfield, MA01033%
Brockton, MA94,26712525%
Cumberland Hill, RI8,19412121%
Bridgewater, MA8,37412626%
Chelsea, MA37,08413131%
Norwood, MA28,84414545%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Henderson, KY28,84084-16%
Wellesley, MA28,858214114%
Bay Shore, NY28,88313636%
Sanford, NC28,79892-8%
Atascadero, CA28,79213131%
Norwood, MA28,84414545%
Source: The Norwood, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.