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.
The above illustration supplies generalized information for the Cresco, IA cost of living index. Compared to other cities in Iowa and cities across the country, the cost of living index in Cresco, IA is 82, which is 8% lower than the Iowa average and 18% 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 Cresco, IA are equal to the average for Iowa and 5% lower than the rest of the country.
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The cost of living in Cresco is 8% lower than the Iowa average.
The cost of living in Cresco is 18% lower than the national average.
The cost of housing in Cresco is 48% lower than the national average.
Iowa general sales tax is 18% higher than the national average.
Iowa state income tax is 84% lower than the national average.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is used in order to provide a comparison of your current salary in Cresco, IA 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 Cresco, IA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Cresco, IA 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
Max Budget (28% DTI)
Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Cresco, IA, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Cresco, IA, the median monthly income is $52,813 for those who own their own homes. Under the standard rule, that income level would allow for $1,232 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $30,500, per the median income in the area. That would allow for renters to spend up to $712 on monthly rental expenses.
Iowa Sales Tax
General Sales Tax
With Max Surtax
Iowa Income Tax
Income Tax (Low)
Income Tax (High)
When considering the overall cost of living expenses in Cresco, IA, it's important to take into account the sales tax for Iowa, as well as the rate for income tax in Iowa. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Iowa is 7%, and the sales tax in the state of Iowa is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Iowa starts from 0.36% and goes up to 8.98%.
Goods & Services
Avg. Mortgage Payment
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.