Holbrook cost of living index

An overview of the general cost of living index for Holbrook, MA is displayed above for your reference. Residents in Holbrook, MA enjoy a cost of living index of 129. This index is 1% lower than the Massachusetts average, and 29% higher 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 Holbrook, MA, the average cost of goods and services is 8% higher than it is in Massachusetts, and it is 30% higher than the national average.

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Salary Calculator

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

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Holbrook, MA, 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 Holbrook, MA homeowners have a median income of $79,746. Using that number, you will come up with a maximum of $1,861 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $37,805, which means there is a maximum of $882 to be spent on the costs of renting a home or apartment.

Massachusetts Sales Tax

Massachusetts Income Tax

For those who live in Holbrook, MA and want to know what the true cost of living is, they ought to look at both the Massachusetts income tax rate and the Massachusetts sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Massachusetts, the sales tax is 6.25%, while the most you'll pay in surtax is 6.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Massachusetts, the income tax rate ranges between 5.1% to 5.1%.

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