Iowa Falls cost of living index

Displayed above is a general overview of the Iowa Falls, IA cost of living index. The overall cost of living index in Iowa Falls, IA is 80, which is 10% lower than the Iowa average and 20% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Iowa Falls, IA are 5% lower than the Iowa average and 10% lower than the national average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Iowa Falls, IA 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 Iowa Falls, IA, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Iowa Falls, IA 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

One can approximate the cost of living and the housing affordability in Iowa Falls, IA 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 Iowa Falls, IA have a median income of $55,194. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,288 per month to avoid calamity and poverty. The renters in the city have an income of about $37,500, which would make their monthly maximum allowable rental costs $875.

Iowa Sales Tax

Iowa Income Tax

When you are determining the total cost of living in Iowa Falls, IA you will want to make sure you consider both the Iowa sales tax and the Iowa income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Iowa is 6%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Iowa have a range from 0.36% to 8.98%.

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