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.
The above illustration supplies generalized information for the Racine, WI cost of living index. Compared to other cities in Wisconsin and cities across the country, the cost of living index in Racine, WI is 88, which is 8% lower than the Wisconsin average and 12% 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 Racine, WI are 3% lower than the average for Wisconsin and 5% lower than the rest of the country.
Find Real Estate Listings
New Real Estate Listings In Racine
Did you know?
The cost of living in Racine is 8% lower than the Wisconsin average.
The cost of living in Racine is 12% lower than the national average.
The cost of housing in Racine is 35% lower than the national average.
Wisconsin general sales tax is 2% lower than the national average.
Wisconsin state income tax is 80% higher than the national average.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator allows you to compare how much your current salary in Racine, WI would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Racine, WI, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Racine, WI salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Racine, WI, 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 Racine, WI, the median monthly income is $56,896 for those who own their own homes. Under the standard rule, that income level would allow for $1,327 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,724, per the median income in the area. That would allow for renters to spend up to $647 on monthly rental expenses.
Wisconsin Sales Tax
General Sales Tax
With Max Surtax
Wisconsin Income Tax
Income Tax (Low)
Income Tax (High)
For those who live in Racine, WI and want to know what the true cost of living is, they ought to look at both the Wisconsin income tax rate and the Wisconsin 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 Wisconsin, the sales tax is 5%, while the most you'll pay in surtax is 6.75%. 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 Wisconsin, the income tax rate ranges between 4% to 7.65%.
Goods & Services
Avg. Mortgage Payment
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.