Seymour cost of living index

The above illustration supplies generalized information for the Seymour, IN cost of living index. Compared to other cities in Indiana and cities across the country, the cost of living index in Seymour, IN is 89, which is equal to the Indiana average and 11% lower than 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 Seymour, IN are 6% higher than the average for Indiana and 4% higher than the rest of the country.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Seymour, IN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Seymour, IN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Seymour, IN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

One can approximate the cost of living and the housing affordability in Seymour, IN 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 Seymour, IN have a median income of $54,279. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,266 per month to avoid calamity and poverty. The renters in the city have an income of about $30,826, which would make their monthly maximum allowable rental costs $719.

Indiana Sales Tax

Indiana Income Tax

The Indiana sales tax and Indiana income tax rates should definitely be considered when determining the overall cost of living in Seymour, IN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Indiana sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Indiana income tax rates range from 3.3% to 3.3%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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