Folsom cost of living index

A general overview of the cost of living index for Folsom, CA is displayed above. In Folsom, CA, the overall cost of living index is 140, which is 1% higher than the California average and 40% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Folsom, CA, the city's goods and services are 1% lower than the California average and 9% higher than the U.S. average.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Folsom, CA 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 Folsom, CA, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Folsom, CA 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 Folsom, CA, 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 Folsom, CA homeowners have a median income of $118,932. Using that number, you will come up with a maximum of $2,775 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $67,911, which means there is a maximum of $1,584 to be spent on the costs of renting a home or apartment.

California Sales Tax

California Income Tax

When considering the overall cost of living expenses in Folsom, CA, it's important to take into account the sales tax for California, as well as the rate for income tax in California. 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 California is 10.25%, and the sales tax in the state of California is 7.25%. 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 California starts from 1% and goes up to 13.3%.

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