Tipton 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.
IndexTiptonIndianaNational
Cost of living index8487100
IndexTiptonIndianaNational
Goods & Services index9994100
Groceries index9694100
Health care index9895100
Housing index5573100
Transportation index9692100
Utilities index9090100
A general overview of the cost of living index for Tipton, IN is displayed above. In Tipton, IN, the overall cost of living index is 84, which is 3% lower than the Indiana average and 16% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Tipton, IN, the city's goods and services are 5% higher than the Indiana average and 1% lower than the U.S. average.

Did you know?

  • The cost of living in Tipton is 3% lower than the Indiana average.
  • The cost of living in Tipton is 16% lower than the national average.
  • The cost of housing in Tipton is 45% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 48% higher than the national average.

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Compare Tipton, IN Cost of living To Other Cities

Salary Calculator

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Groceries index
Health care index
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Using the salary calculator lets you compare the salary you earn in Tipton, IN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Tipton, IN, you have to earn a higher income in order to still have the same standard of living. To operate the Tipton, IN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$53,650$4,471$1,252$1,610
Renters$23,405$1,950$546$702
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Tipton, IN, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Tipton, IN has a median income of about $53,650 for people who own homes. Based on that number, a person should spend a maximum of $1,252 on expenses related to housing. Renters have a slightly different median income, which is $23,405. Based on this average, renters should spend no more than $546 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
When you are determining the total cost of living in Tipton, IN you will want to make sure you consider both the Indiana sales tax and the Indiana 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 Indiana is 7%, 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 Indiana have a range from 3.3% to 3.3%.

Goods & Services

ItemTiptonNational avg.Difference
Haircut $15.85$15.561.8%
Beauty Salon $24.37$36.1132.5%
Toothpaste $2.49$2.470.8%
Shampoo $1.00$0.963.1%
Movie $8.98$10.1311.4%
Bowling $4.08$4.7413.9%

Groceries

ItemTiptonNational avg.Difference
Ground Beef $4.04$3.981.3%
Fried Chicken $1.25$1.4111.3%
Milk $1.64$2.0620.3%
Potatoes $3.98$2.9833.3%
Pizza $10.49$9.4710.8%
Beer $9.44$8.797.3%

Health Care

ItemTiptonNational avg.Difference
Optometrist $92.59$101.048.4%
Doctor $96.18$107.4410.5%
Dentist $85.47$90.425.5%
Ibuprofen $9.08$9.282.1%
Lipitor $487.00$426.5014.2%

Housing

ItemTiptonNational avg.Difference
Home Price $85,300.00$175,700.0051.5%
Avg. Mortgage Payment $884.32$1,133.2322.0%
Apartment Rent $657.00$920.0028.6%

Transportation

ItemTiptonNational avg.Difference
Gasoline $1.89$1.995.2%
Tire Balancing $45.41$45.760.8%

Utilities

ItemTiptonNational avg.Difference
All Electricity$158.46$163.813.3%
Phone $22.90$28.3919.3%
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.
Sims, IN34280-20%
Kempton, IN37780-20%
Elwood, IN8,56982-18%
Windfall City, IN89283-17%
Greentown, IN2,57084-16%
Tipton, IN5,28884-16%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Williamsville, NY5,28693-7%
Northwood, OH5,28591-9%
Lake Wildwood, CA5,29313333%
Montevideo, MN5,28389-11%
Hugo, OK5,29474-26%
Tipton, IN5,28884-16%
Source: The Tipton, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.