Georgetown cost of living index

Here we can see a simple outline of the cost of living in Georgetown, DE. As you can see, with the average cost of living in Georgetown, DE being 102, that puts it 6% lower than the average of Delaware and 2% higher 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 Georgetown, DE, the price of goods and services are 1% higher than the average of Delaware as well as 8% higher than the nation's average.

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Salary Calculator

Use the salary calculator to compare your current income in Georgetown, DE 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 Georgetown, DE, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Georgetown, DE 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

The affordability of the housing market in Georgetown, DE 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 Georgetown, DE homeowners, the median income is $49,247. This indicates that a monthly maximum of $1,149 should be spent by homeowners on all housing related costs. Renters have a median income of $35,981. This indicates that renters should have a maximum of $840 used for their rent related monthly costs.

Delaware Sales Tax

Delaware Income Tax

One thing to keep in mind when considering the cost of living in Georgetown, DE is the Delaware sales tax and Delaware 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 Delaware sales tax rate is 0% and the maximum surtax that can be charged is 0%. 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 Delaware income tax rates range from 2.2% to 6.6%.

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