Russellville cost of living index

Here we can see a simple outline of the cost of living in Russellville, AL. As you can see, with the average cost of living in Russellville, AL being 83, that puts it 7% lower than the average of Alabama and 17% 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 Russellville, AL, the price of goods and services are equal to the average of Alabama as well as 4% lower than the nation's average.

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Salary Calculator

Use the salary calculator to compare your current salary in Russellville, AL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Russellville, AL, then you would need to earn more income in order to maintain the same standard of living. To use the Russellville, AL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Russellville, AL 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 Russellville, AL homeowners, the median income is $40,619. This indicates that a monthly maximum of $948 should be spent by homeowners on all housing related costs. Renters have a median income of $19,662. This indicates that renters should have a maximum of $459 used for their rent related monthly costs.

Alabama Sales Tax

Alabama Income Tax

When you are determining the total cost of living in Russellville, AL you will want to make sure you consider both the Alabama sales tax and the Alabama 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 Alabama is 4%, with the highest surtax being 13.5%. 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 Alabama have a range from 2% to 5%.

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