Sheffield cost of living index

Displayed above is a general overview of the Sheffield, AL cost of living index. The overall cost of living index in Sheffield, AL is 83, which is 7% lower than the Alabama average and 17% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Sheffield, AL are equal to the Alabama average and 4% lower than the national average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Sheffield, AL 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 Sheffield, AL, you have to earn a higher income in order to still have the same standard of living. To operate the Sheffield, AL 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

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Sheffield, AL, 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 Sheffield, AL homeowners have a median income of $49,429. Using that number, you will come up with a maximum of $1,153 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $17,447, which means there is a maximum of $407 to be spent on the costs of renting a home or apartment.

Alabama Sales Tax

Alabama Income Tax

The Alabama sales tax and Alabama income tax rates should definitely be considered when determining the overall cost of living in Sheffield, AL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Alabama sales tax is 4% and the maximum surtax is 13.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Alabama income tax rates 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 Sheffield, AL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.