Laurel cost of living index

A general overview of the cost of living index for Laurel, DE is displayed above. In Laurel, DE, the overall cost of living index is 95, which is 13% lower than the Delaware average and 5% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Laurel, DE, the city's goods and services are 1% higher than the Delaware average and 8% higher than the U.S. average.

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Salary Calculator

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

If you want to find a good determining factor for the cost of living and the general affordability of housing in Laurel, DE, all you must look at 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 Laurel, DE, the median monthly income is $48,878 for those who own their own homes. Under the standard rule, that income level would allow for $1,140 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $25,179, per the median income in the area. That would allow for renters to spend up to $587 on monthly rental expenses.

Delaware Sales Tax

Delaware Income Tax

For those who live in Laurel, DE and want to know what the true cost of living is, they ought to look at both the Delaware income tax rate and the Delaware 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 Delaware, the sales tax is 0%, while the most you'll pay in surtax is 0%. 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 Delaware, the income tax rate ranges between 2.2% to 6.6%.

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