Red Oak cost of living index

Here we can see a simple outline of the cost of living in Red Oak, IA. As you can see, with the average cost of living in Red Oak, IA being 79, that puts it 10% lower than the average of Iowa and 21% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Red Oak, IA, the price of goods and services are 1% lower than the average of Iowa as well as 6% lower than the nation's average.

Find Real Estate Listings In Red Oak

New Real Estate Listings In Red Oak

Real Estate Listings In Red Oak

The best places in Iowa

Salary Calculator

The salary calculator allows you to compare how much your current salary in Red Oak, IA 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 Red Oak, IA, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Red Oak, IA 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

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Red Oak, IA, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Red Oak, IA homeowners have a median income of $45,761. Using that number, you will come up with a maximum of $1,068 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $23,417, which means there is a maximum of $546 to be spent on the costs of renting a home or apartment.

Iowa Sales Tax

Iowa Income Tax

When assessing the complete cost of living in Red Oak, IA, the Iowa income tax and the Iowa sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Iowa maximum surtax is 7%, and the Iowa sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0.36% to 8.98% in Iowa.

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.

Nearby cities with low cost of living

Cities with similar population

Source: The Red Oak, IA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.