A+
7%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
31%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Greencastle Indiana National
Cost of living9390100
Goods & Services9994100
Groceries9898100
Health care13196100
Housing6972100
Transportation10395100
Utilities107107100

An Overview of Cost of Living in Greencastle, IN

Knowing the cost of living in Greencastle allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Greencastle stands at 93, marking it 7% lower than the national average.

The cost of living in Greencastle closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Greencastle can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Greencastle Affordable?

Is Greencastle affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Greencastle, for instance, where the median home price falls 35.6% lower than the national average, and monthly rent rates are 19.1% lower than usual. Additionally, median income levels contribute to the equation, with Greencastle flaunting a median household income of $45,759, 17.3% lower than the national norm.

What Factors can Influence the Cost of Living in Greencastle?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Greencastle, the housing index stands at 30.7% lower than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Greencastle, the utilities index is 7% higher than the national average.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Greencastle, the groceries index is 1.6% lower than the national average.

Where is the Data From?

The cost of living data in Greencastle displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Greencastle is 3% higher than the Indiana average
  • The cost of living in Greencastle is 7% lower than the national average
  • Greencastle housing is 31% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 43% higher than the national average

Most Affordable Places to Live in and Around Greencastle

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Compare Greencastle, IN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$52,648$4,387$1,228$1,580
      Renters$38,557$3,213$900$1,157
      A good indicator of the general affordability of housing in Greencastle, IN, 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 Greencastle, the median monthly income is $52,648 for those who own their own homes. Under the standard rule, that income level would allow for $1,228 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $38,557, per the median income in the area. That would allow for renters to spend up to $900 on monthly rental expenses.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.23% 3.23%

      Goods & Services

      Item Greencastle National avg. Difference
      Haircut $18.50$24.2623.7%
      Beauty Salon $30.00$45.5634.2%
      Toothpaste $3.71$3.700.3%
      Shampoo $1.24$1.282.9%
      Movie $9.63$12.1320.6%
      Bowling $15.00$18.0016.7%

      Groceries

      Item Greencastle National avg. Difference
      Ground Beef $5.92$5.841.4%
      Fried Chicken $1.62$1.573.2%
      Milk $4.75$4.671.7%
      Potatoes $5.14$4.934.1%
      Pizza $13.25$12.099.6%
      Beer $9.97$10.414.2%

      Health Care

      Item Greencastle National avg. Difference
      Optometrist $150.00$125.6819.3%
      Doctor $146.67$135.788.0%
      Dentist $205.92$113.2981.8%
      Ibuprofen $10.29$10.653.4%
      Lipitor $441.50$468.605.8%

      Housing

      Item Greencastle National avg. Difference
      Home Price $118,900.00$184,700.0035.6%
      Avg. Mortgage Payment $1,778.87$2,346.6924.2%
      Apartment Rent $768.00$949.0019.1%

      Transportation

      Item Greencastle National avg. Difference
      Gasoline $3.45$3.460.3%
      Tire Balancing $67.33$59.9212.4%

      Utilities

      Item Greencastle National avg. Difference
      All Electricity $216.89$193.9911.8%
      Phone $190.03$192.251.2%
      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 Population Cost of Living Index National Avg.
      Carbon, IN3938514.6%
      Russellville, IN3298811.9%
      Cloverdale, IN1,9058613.7%
      Knightsville, IN6868911.4%
      Brazil, IN8,2258911.1%
      Greencastle, IN10,312937.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Fredonia, NY10,311909.7%
      Fairview Shores, FL10,3101032.6%
      Amelia, OH10,308964.2%
      Hillsdale, NJ10,31716060.2%
      Sauk Village, IL10,319909.8%
      Greencastle, IN10,312937.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.