Big Flats cost of living index

An overview of the general cost of living index for Big Flats, NY is displayed above for your reference. Residents in Big Flats, NY enjoy a cost of living index of 95. This index is 20% lower than the New York average, and 5% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Big Flats, NY, the average cost of goods and services is 7% lower than it is in New York, and it is 1% higher than the national average.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Big Flats, NY would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Big Flats, NY, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Big Flats, NY salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Big Flats, NY, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Big Flats, NY homeowners have a median income of $73,466. Using that number, you will come up with a maximum of $1,714 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $37,969, which means there is a maximum of $886 to be spent on the costs of renting a home or apartment.

New York Sales Tax

New York Income Tax

One thing to keep in mind when considering the cost of living in Big Flats, NY is the New York sales tax and New York income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New York sales tax rate is 4% and the maximum surtax that can be charged is 8.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New York income tax rates range from 4% to 8.82%.

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 Big Flats, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.