In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
An overview of the general cost of living index for Holyoke, MA is displayed above for your reference. Residents in Holyoke, MA enjoy a cost of living index of 106. This index is 19% lower than the Massachusetts average, and 6% 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 Holyoke, MA, the average cost of goods and services is 2% lower than it is in Massachusetts, and it is 18% higher than the national average.
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Did you know?
The cost of living in Holyoke is 19% lower than the Massachusetts average.
The cost of living in Holyoke is 6% higher than the national average.
The cost of housing in Holyoke is 5% lower than the national average.
Massachusetts general sales tax is 23% higher than the national average.
Massachusetts state income tax is 129% higher than the national average.
Compare Holyoke, MA Cost of living To Other Cities
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
The salary calculator is meant to help you compare your salary in Holyoke, MA to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Holyoke, MA, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Holyoke, MA salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.
Median Income & Debt-To-Income Ratio
Median Income
Per Year
Per Month
Max Budget (28% DTI)
Max Budget (36% DTI)
Owners
$74,778
$6,232
$1,745
$2,244
Renters
$21,182
$1,765
$494
$636
One can approximate the cost of living and the housing affordability in Holyoke, MA by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Holyoke, MA have a median income of $74,778. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,745 per month to avoid calamity and poverty. The renters in the city have an income of about $21,182, which would make their monthly maximum allowable rental costs $494.
Massachusetts Sales Tax
State
General Sales Tax
With Max Surtax
Massachusetts
6.25%
6.25%
Massachusetts Income Tax
State
Income Tax (Low)
Income Tax (High)
Massachusetts
5.1%
5.1%
One thing to keep in mind when considering the cost of living in Holyoke, MA is the Massachusetts sales tax and Massachusetts 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 Massachusetts sales tax rate is 6.25% and the maximum surtax that can be charged is 6.25%. 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 Massachusetts income tax rates range from 5.1% to 5.1%.
Goods & Services
Item
Holyoke
National avg.
Difference
Haircut
$20.50
$16.09
27.4%
Beauty Salon
$51.67
$37.33
38.4%
Toothpaste
$2.49
$2.45
1.7%
Shampoo
$0.88
$1.00
11.7%
Movie
$10.63
$10.28
3.4%
Bowling
$6.46
$4.93
31.0%
Groceries
Item
Holyoke
National avg.
Difference
Ground Beef
$3.94
$3.80
3.6%
Fried Chicken
$1.67
$1.40
19.8%
Milk
$2.01
$2.01
0.1%
Potatoes
$3.49
$3.01
15.9%
Pizza
$10.32
$9.89
4.4%
Beer
$9.82
$8.90
10.4%
Health Care
Item
Holyoke
National avg.
Difference
Optometrist
$120.00
$102.16
17.5%
Doctor
$125.00
$108.36
15.4%
Dentist
$123.03
$92.53
33.0%
Ibuprofen
$8.66
$9.28
6.7%
Lipitor
$356.99
$425.82
16.2%
Housing
Item
Holyoke
National avg.
Difference
Home Price
$188,600.00
$184,700.00
2.1%
Avg. Mortgage Payment
$1,580.54
$1,202.44
31.4%
Apartment Rent
$742.00
$949.00
21.8%
Transportation
Item
Holyoke
National avg.
Difference
Gasoline
$2.39
$2.24
6.3%
Tire Balancing
$58.58
$46.29
26.5%
Utilities
Item
Holyoke
National avg.
Difference
All Electricity
$174.17
$165.96
4.9%
Phone
$24.99
$28.68
12.9%
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.
