Fayette, AL Cost Of Living

Fayette cost of living index

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.
Index	Fayette	Alabama	National
Cost of living index	78	89	100
Index	Fayette	Alabama	National
Goods & Services index	92	96	100
Groceries index	96	97	100
Health care index	84	86	100
Housing index	44	72	100
Transportation index	91	91	100
Utilities index	101	108	100

Here we can see a simple outline of the cost of living in Fayette, AL. As you can see, with the average cost of living in Fayette, AL being 78, that puts it 12% lower than the average of Alabama and 22% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Fayette, AL, the price of goods and services are 5% lower than the average of Alabama as well as 8% lower than the nation's average.

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The cost of living in Fayette is 12% lower than the Alabama average.
The cost of living in Fayette is 22% lower than the national average.
The cost of housing in Fayette is 56% lower than the national average.
Alabama general sales tax is 21% lower than the national average.
Alabama state income tax is 10% lower than the national average.

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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

Use the salary calculator to compare your current income in Fayette, AL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Fayette, AL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Fayette, AL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$46,473	$3,873	$1,084	$1,394
Renters	$16,850	$1,404	$393	$506

The affordability of the housing market in Fayette, 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 Fayette, AL homeowners, the median income is $46,473. This indicates that a monthly maximum of $1,084 should be spent by homeowners on all housing related costs. Renters have a median income of $16,850. This indicates that renters should have a maximum of $393 used for their rent related monthly costs.

Alabama Sales Tax

State	General Sales Tax	With Max Surtax
Alabama	4%	13.5%

Alabama Income Tax

State	Income Tax (Low)	Income Tax (High)
Alabama	2%	5%

One thing to keep in mind when considering the cost of living in Fayette, AL is the Alabama sales tax and Alabama 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 Alabama sales tax rate is 4% and the maximum surtax that can be charged is 13.5%. 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 Alabama income tax rates range from 2% to 5%.

Goods & Services

Item	Fayette	National avg.	Difference
Haircut	$15.33	$16.09	4.7%
Beauty Salon	$34.18	$37.33	8.4%
Toothpaste	$3.52	$2.45	43.7%
Shampoo	$0.84	$1.00	16.0%
Movie	$10.49	$10.28	2.1%
Bowling	$5.28	$4.93	7.1%

Groceries

Item	Fayette	National avg.	Difference
Ground Beef	$4.01	$3.80	5.4%
Fried Chicken	$1.26	$1.40	9.6%
Milk	$2.26	$2.01	12.4%
Potatoes	$5.16	$3.01	71.4%
Pizza	$8.49	$9.89	14.1%
Beer	$8.14	$8.90	8.6%

Health Care

Item	Fayette	National avg.	Difference
Optometrist	$116.33	$102.16	13.9%
Doctor	$86.11	$108.36	20.5%
Dentist	$71.22	$92.53	23.0%
Ibuprofen	$5.96	$9.28	35.8%
Lipitor	$432.03	$425.82	1.5%

Housing

Item	Fayette	National avg.	Difference
Home Price	$76,000.00	$184,700.00	58.9%
Avg. Mortgage Payment	$972.83	$1,202.44	19.1%
Apartment Rent	$486.00	$949.00	48.8%

Transportation

Item	Fayette	National avg.	Difference
Gasoline	$2.01	$2.24	10.3%
Tire Balancing	$43.49	$46.29	6.1%

Utilities

Item	Fayette	National avg.	Difference
All Electricity	$190.76	$165.96	14.9%
Phone	$24.33	$28.68	15.2%

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, State	Population	Cost of Living Index	National Avg.
Glen Allen, AL	474	73	-27%
Berry, AL	1,367	74	-26%
Millport, AL	1,056	71	-29%
Belk, AL	238	72	-28%
Kennedy, AL	436	73	-27%
Fayette, AL	4,491	78	-22%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Marietta-Alderwood, WA	4,492	120	20%
Capitol Heights, MD	4,489	114	14%
Saukville, WI	4,494	97	-3%
Oconto, WI	4,488	83	-17%
Byram, CT	4,487	170	70%
Fayette, AL	4,491	78	-22%

Source: The Fayette, AL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Fayette, AL Cost of Living