Bay Minette cost of living index

The above illustration supplies generalized information for the Bay Minette, AL cost of living index. Compared to other cities in Alabama and cities across the country, the cost of living index in Bay Minette, AL is 89, which is equal to the Alabama 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 Bay Minette, AL are 1% higher than the average for Alabama and 3% lower than the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current salary in Bay Minette, AL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Bay Minette, AL, then you would need to earn more income in order to maintain the same standard of living. To use the Bay Minette, AL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Bay Minette, AL 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 Bay Minette, AL homeowners, the median income is $49,663. This indicates that a monthly maximum of $1,159 should be spent by homeowners on all housing related costs. Renters have a median income of $21,609. This indicates that renters should have a maximum of $504 used for their rent related monthly costs.

Alabama Sales Tax

Alabama Income Tax

The Alabama sales tax and Alabama income tax rates should definitely be considered when determining the overall cost of living in Bay Minette, AL. 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 Alabama sales tax is 4% and the maximum surtax is 13.5%. 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 Alabama income tax rates range from 2% to 5%.

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 Bay Minette, AL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.