D-
20%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
65%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Shorewood Wisconsin National
Cost of living12096100
Goods & Services9997100
Groceries10399100
Health care111112100
Housing16588100
Transportation9998100
Utilities105102100

An Overview of Cost of Living in Shorewood, WI

Knowing the cost of living in Shorewood allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Shorewood stands at 120, marking it 20% higher than the national average.

If you're in pursuit of an economical living environment, Shorewood may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Shorewood falls within this bracket.

Housing costs significantly influence the Shorewood cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 65.3%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Shorewood Affordable?

Is Shorewood affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Shorewood, for instance, where the median home price falls 90.9% higher than the national average, and monthly rent rates are 5.6% higher than usual. Additionally, median income levels contribute to the equation, with Shorewood flaunting a median household income of $75,779, 37% higher than the national norm.

What Factors can Influence the Cost of Living in Shorewood?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Shorewood, healthcare costs are 10.5% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Where is the Data From?

The Shorewood cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Shorewood is 26% higher than the Wisconsin average
  • The cost of living in Shorewood is 20% higher than the national average
  • Shorewood housing is 65% higher than the national average
  • Wisconsin general sales tax is 2% lower than the national average
  • Wisconsin state income tax is 36% higher than the national average

Most Affordable Places to Live in and Around Shorewood

See all the best places to live around Shorewood

Compare Shorewood, WI Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$136,129$11,344$3,176$4,084
      Renters$45,150$3,763$1,053$1,355
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Shorewood, WI, 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 Shorewood homeowners, is $136,129. This would allow for a maximum of $3,176 per month to be spent on housing costs. For renters, the median monthly income is $45,150 which would result in a maximum of $1,053 to be spent on rental costs.

      Wisconsin Sales Tax

      State General Sales Tax With Max Surtax
      Wisconsin 5% 6.75%

      Wisconsin Income Tax

      State Income Tax (Low) Income Tax (High)
      Wisconsin 3.54% 7.65%

      Goods & Services

      Item Shorewood National avg. Difference
      Haircut $20.21$24.2616.7%
      Beauty Salon $33.25$45.5627.0%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.07$1.2816.6%
      Movie $10.26$12.1315.5%
      Bowling $10.03$18.0044.3%

      Groceries

      Item Shorewood National avg. Difference
      Ground Beef $6.05$5.843.5%
      Fried Chicken $1.46$1.577.3%
      Milk $4.55$4.672.7%
      Potatoes $4.10$4.9317.0%
      Pizza $11.33$12.096.3%
      Beer $8.52$10.4118.2%

      Health Care

      Item Shorewood National avg. Difference
      Optometrist $278.65$125.68121.7%
      Doctor $223.73$135.7864.8%
      Dentist $106.79$113.295.7%
      Ibuprofen $10.29$10.653.4%
      Lipitor $469.65$468.600.2%

      Housing

      Item Shorewood National avg. Difference
      Home Price $352,600.00$184,700.0090.9%
      Avg. Mortgage Payment $1,879.64$2,346.6919.9%
      Apartment Rent $1,002.00$949.005.6%

      Transportation

      Item Shorewood National avg. Difference
      Gasoline $3.30$3.464.5%
      Tire Balancing $44.14$59.9226.3%

      Utilities

      Item Shorewood National avg. Difference
      All Electricity $182.69$193.995.8%
      Phone $185.79$192.253.4%
      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 Population Cost of Living Index National Avg.
      Milwaukee, WI592,649936.5%
      West Milwaukee, WI4,128945.7%
      West Allis, WI59,861964.4%
      Lannon, WI1,184964.2%
      St. Francis, WI9,600964.1%
      Shorewood, WI13,24812020.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Western Springs, IL13,24716161.3%
      Bedford, IN13,2468811.6%
      Richmond Hill, GA13,2501077.2%
      Bellefontaine, OH13,250946.5%
      McFarland, CA13,2441109.6%
      Shorewood, WI13,24812020.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.