Harlan cost of living index

An overview of the general cost of living index for Harlan, IA is displayed above for your reference. Residents in Harlan, IA enjoy a cost of living index of 82. This index is 8% lower than the Iowa average, and 18% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Harlan, IA, the average cost of goods and services is 1% lower than it is in Iowa, and it is 6% lower than the national average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Harlan, 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 Harlan, IA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Harlan, 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

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Harlan, IA, 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 Harlan, IA homeowners have a median income of $55,313. Using that number, you will come up with a maximum of $1,291 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $22,755, which means there is a maximum of $531 to be spent on the costs of renting a home or apartment.

Iowa Sales Tax

Iowa Income Tax

When assessing the complete cost of living in Harlan, IA, the Iowa income tax and the Iowa sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Iowa maximum surtax is 7%, and the Iowa sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0.36% to 8.98% in Iowa.

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