Marshalltown cost of living index

The above illustration supplies generalized information for the Marshalltown, IA cost of living index. Compared to other cities in Iowa and cities across the country, the cost of living index in Marshalltown, IA is 81, which is 8% lower than the Iowa average and 19% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Marshalltown, IA are 5% lower than the average for Iowa and 10% lower than the rest of the country.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Marshalltown, IA to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Marshalltown, IA, you have to earn a higher income in order to still have the same standard of living. To operate the Marshalltown, IA salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Marshalltown, IA as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Marshalltown, IA homeowners, the median income is $57,484. This indicates that a monthly maximum of $1,341 should be spent by homeowners on all housing related costs. Renters have a median income of $33,566. This indicates that renters should have a maximum of $783 used for their rent related monthly costs.

Iowa Sales Tax

Iowa Income Tax

For those who live in Marshalltown, IA and want to know what the true cost of living is, they ought to look at both the Iowa income tax rate and the Iowa 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 Iowa, the sales tax is 6%, while the most you'll pay in surtax is 7%. 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 Iowa, the income tax rate ranges between 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 Marshalltown, IA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.