Palmer 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.
IndexPalmerAlaskaNational
Cost of living index117130100
IndexPalmerAlaskaNational
Goods & Services index126119100
Groceries index132137100
Health care index143146100
Housing index105135100
Transportation index113129100
Utilities index100142100
A general summary of the cost of living index in Palmer, AK is shown above. Compared to the state average of Alaska the cost of living index in Palmer, AK is 117, which is 10% lower than the average in Alaska and compared to the national average it is 17% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Palmer, AK goods and services come in at 6% higher than the average in Alaska and are 26% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Palmer is 10% lower than the Alaska average.
  • The cost of living in Palmer is 17% higher than the national average.
  • The cost of housing in Palmer is 5% higher than the national average.
  • Alaska general sales tax is 100% lower than the national average.
  • Alaska state income tax is 100% lower than the national average.

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Salary Calculator

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Groceries index
Health care index
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The salary calculator allows you to compare how much your current salary in Palmer, AK 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 Palmer, AK, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Palmer, AK 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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$72,336$6,028$1,688$2,170
Renters$36,513$3,043$852$1,095
The affordability of the housing market in Palmer, AK 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 Palmer, AK homeowners, the median income is $72,336. This indicates that a monthly maximum of $1,688 should be spent by homeowners on all housing related costs. Renters have a median income of $36,513. This indicates that renters should have a maximum of $852 used for their rent related monthly costs.

Alaska Sales Tax

StateGeneral Sales TaxWith Max Surtax
Alaska0%7%

Alaska Income Tax

StateIncome Tax (Low)Income Tax (High)
Alaska0%0%
When you are determining the total cost of living in Palmer, AK you will want to make sure you consider both the Alaska sales tax and the Alaska 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 Alaska is 0%, 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 Alaska have a range from 0% to 0%.

Goods & Services

ItemPalmerNational avg.Difference
Haircut $20.65$15.5632.7%
Beauty Salon $48.69$36.1134.8%
Toothpaste $3.38$2.4736.7%
Shampoo $1.09$0.9613.0%
Movie $11.40$10.1312.6%
Bowling $4.69$4.741.0%

Groceries

ItemPalmerNational avg.Difference
Ground Beef $5.81$3.9845.9%
Fried Chicken $1.63$1.4116.1%
Milk $2.26$2.069.5%
Potatoes $3.91$2.9831.1%
Pizza $10.99$9.4716.0%
Beer $10.38$8.7918.0%

Health Care

ItemPalmerNational avg.Difference
Optometrist $195.09$101.0493.1%
Doctor $175.40$107.4463.3%
Dentist $135.20$90.4249.5%
Ibuprofen $10.12$9.289.0%
Lipitor $452.54$426.506.1%

Housing

ItemPalmerNational avg.Difference
Home Price $187,300.00$175,700.006.6%
Avg. Mortgage Payment $1,748.13$1,133.2354.3%
Apartment Rent $920.00$920.00 

Transportation

ItemPalmerNational avg.Difference
Gasoline $2.32$1.9916.4%
Tire Balancing $48.21$45.765.4%

Utilities

ItemPalmerNational avg.Difference
All Electricity$201.39$163.8122.9%
Phone $19.99$28.3929.6%
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.
Sutton-Alpine, AK1,39011313%
Buffalo Soapstone, AK87811818%
Knik River, AK69011818%
Meadow Lakes, AK7,13912020%
Wasilla, AK8,40612222%
Palmer, AK6,25011717%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Bellefonte, PA6,25098-2%
East Garden City, NY6,24919595%
Tuttle, OK6,25290-10%
Vandalia, IL6,24780-20%
Cambria, CA6,24616666%
Palmer, AK6,25011717%
Source: The Palmer, AK cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.