Summit 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.
IndexSummitWisconsinNational
Cost of living index12698100
IndexSummitWisconsinNational
Goods & Services index97100100
Groceries index103100100
Health care index115112100
Housing index18691100
Transportation index8999100
Utilities index110102100
Displayed above is a general overview of the Summit, WI cost of living index. The overall cost of living index in Summit, WI is 126, which is 28% higher than the Wisconsin average and 26% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Summit, WI are 3% lower than the Wisconsin average and 3% lower than the national average.

Did you know?

  • The cost of living in Summit is 28% higher than the Wisconsin average.
  • The cost of living in Summit is 26% higher than the national average.
  • The cost of housing in Summit is 86% higher than the national average.
  • Wisconsin general sales tax is 2% lower than the national average.
  • Wisconsin state income tax is 98% higher than the national average.

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Salary Calculator

This is how much you would need to earn in
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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
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Utilities index
The salary calculator is meant to help you compare your salary in Summit, WI to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Summit, WI, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Summit, WI salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$106,845$8,904$2,493$3,206
Renters$32,045$2,670$748$961
If you want to find a good determining factor for the cost of living and the general affordability of housing in Summit, WI, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Summit, WI, the median monthly income is $106,845 for those who own their own homes. Under the standard rule, that income level would allow for $2,493 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $32,045, per the median income in the area. That would allow for renters to spend up to $748 on monthly rental expenses.

Wisconsin Sales Tax

StateGeneral Sales TaxWith Max Surtax
Wisconsin5%5.6%

Wisconsin Income Tax

StateIncome Tax (Low)Income Tax (High)
Wisconsin4.4%7.65%
For those who live in Summit, WI and want to know what the true cost of living is, they ought to look at both the Wisconsin income tax rate and the Wisconsin sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Wisconsin, the sales tax is 5%, while the most you'll pay in surtax is 5.6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Wisconsin, the income tax rate ranges between 4.4% to 7.65%.

Goods & Services

ItemSummitNational avg.Difference
Haircut $15.99$14.599.6%
Beauty Salon $30.60$34.6811.8%
Toothpaste $2.51$2.471.5%
Shampoo $0.89$1.0212.9%
Movie $9.80$9.870.7%
Bowling $3.25$4.3926.0%

Groceries

ItemSummitNational avg.Difference
Ground Beef $3.32$4.4825.8%
Fried Chicken $1.86$1.4627.0%
Milk $2.20$2.366.6%
Potatoes $2.35$3.0623.2%
Pizza $9.00$9.242.6%
Beer $7.97$8.637.7%

Health Care

ItemSummitNational avg.Difference
Optometrist $52.40$99.7847.5%
Doctor $166.00$105.0358.0%
Dentist $91.60$88.703.3%
Ibuprofen $9.19$9.412.4%
Lipitor $315.77$298.505.8%

Housing

ItemSummitNational avg.Difference
Home Price $376,800.00$175,700.00114.5%
Avg. Mortgage Payment $1,141.54$1,081.035.6%
Apartment Rent $1,094.00$920.0018.9%

Transportation

ItemSummitNational avg.Difference
Gasoline $1.89$2.099.6%
Tire Balancing $37.95$45.2916.2%

Utilities

ItemSummitNational avg.Difference
All Electricity$169.20$170.800.9%
Phone $35.25$28.2624.8%
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.
Helenville, WI23995-5%
Watertown, WI23,89997-3%
Palmyra, WI1,66896-4%
Whitewater, WI14,80198-2%
Hebron, WI17299-1%
Summit, WI4,74412626%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Chinle, AZ4,74375-25%
Lakeport, CA4,74611313%
Peculiar, MO4,74791-9%
Canastota, NY4,74190-10%
Utica, MI4,74788-12%
Summit, WI4,74412626%
Source: The Summit, WI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.