Carmi cost of living index

A general summary of the cost of living index in Carmi, IL is shown above. Compared to the state average of Illinois the cost of living index in Carmi, IL is 79, which is 20% lower than the average in Illinois and compared to the national average it is 21% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Carmi, IL goods and services come in at 4% lower than the average in Illinois and are 3% lower than compared to the nationwide average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Carmi, IL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Carmi, IL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Carmi, IL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

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 Carmi, IL, 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 Carmi, IL homeowners have a median income of $41,592. Using that number, you will come up with a maximum of $970 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $28,433, which means there is a maximum of $663 to be spent on the costs of renting a home or apartment.

Illinois Sales Tax

Illinois Income Tax

One thing to keep in mind when considering the cost of living in Carmi, IL is the Illinois sales tax and Illinois 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 Illinois sales tax rate is 6.25% and the maximum surtax that can be charged is 10.25%. 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 Illinois income tax rates range from 3.75% to 3.75%.

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