A+
16%
Overall NAT. AVG.
11%
Goods & Services NAT. AVG.
37%
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 Beloit Wisconsin National
Cost of living8496100
Goods & Services8997100
Groceries9799100
Health care101112100
Housing6388100
Transportation11098100
Utilities87102100

An Overview of Cost of Living in Beloit, WI

Are you thinking about relocating, but curious about the potential cost of living in Beloit? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Beloit stands at 84, making it 16% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Beloit, these essential goods and services are priced 11.1% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.

Is Beloit Affordable?

Is Beloit 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 Beloit, for instance, where the median home price falls 47.8% lower than the national average, and monthly rent rates are 13.1% lower than usual. Additionally, median income levels contribute to the equation, with Beloit flaunting a median household income of $46,989, 15.1% lower than the national norm.

What Factors can Influence the Cost of Living in Beloit?

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Beloit, the transportation index is 9.7% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Beloit, the groceries index is 3.3% lower than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Beloit, the prevailing sales tax rate starts at 5%, and income tax rates kick off at 3.54%.

Where is the Data From?

The cost of living data in Beloit displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Beloit is 12% lower than the Wisconsin average
  • The cost of living in Beloit is 16% lower than the national average
  • Beloit housing is 37% lower than the national average
  • Wisconsin general sales tax is 2% lower than the national average
  • Wisconsin state income tax is 57% higher than the national average

Most Affordable Places to Live in and Around Beloit

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Compare Beloit, WI Cost of Living

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      Salary Calculator

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      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$60,591$5,049$1,414$1,818
      Renters$35,222$2,935$822$1,057
      To approximate the cost of living and the housing affordability in Beloit, WI, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Beloit have a median income of $60,591. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,414 per month to avoid calamity and poverty. The renters in the city have an income of about $35,222, which would make their monthly maximum allowable rental costs $822.

      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 Beloit National avg. Difference
      Haircut $19.94$24.2617.8%
      Beauty Salon $36.22$45.5620.5%
      Toothpaste $3.58$3.703.2%
      Shampoo $1.27$1.281.1%
      Movie $12.73$12.134.9%
      Bowling $12.67$18.0029.6%

      Groceries

      Item Beloit National avg. Difference
      Ground Beef $5.72$5.842.0%
      Fried Chicken $1.42$1.579.9%
      Milk $4.63$4.670.9%
      Potatoes $4.82$4.932.3%
      Pizza $10.99$12.099.1%
      Beer $9.56$10.418.2%

      Health Care

      Item Beloit National avg. Difference
      Optometrist $79.67$125.6836.6%
      Doctor $158.33$135.7816.6%
      Dentist $110.16$113.292.8%
      Ibuprofen $10.57$10.650.8%
      Lipitor $460.30$468.601.8%

      Housing

      Item Beloit National avg. Difference
      Home Price $96,400.00$184,700.0047.8%
      Avg. Mortgage Payment $1,465.09$2,346.6937.6%
      Apartment Rent $825.00$949.0013.1%

      Transportation

      Item Beloit National avg. Difference
      Gasoline $3.69$3.466.7%
      Tire Balancing $70.28$59.9217.3%

      Utilities

      Item Beloit National avg. Difference
      All Electricity $147.39$193.9924.0%
      Phone $198.03$192.253.0%
      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.
      Hanover, WI1198218.3%
      Capron, IL1,6568614.1%
      Footville, WI1,0188613.9%
      South Beloit, IL7,7308713.2%
      Loves Park, IL23,2748713.0%
      Beloit, WI36,8048415.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lake Worth, FL36,838981.6%
      San Juan, TX36,7598118.9%
      Clermont, FL36,75711211.8%
      Winter Springs, FL36,85911110.5%
      Campbell River, BC36,740n/a 
      Beloit, WI36,8048415.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.