Smiths Station cost of living index

Here we can see a simple outline of the cost of living in Smiths Station, AL. As you can see, with the average cost of living in Smiths Station, AL being 93, that puts it 4% higher than the average of Alabama and 7% 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 Smiths Station, AL, the price of goods and services are 5% higher than the average of Alabama as well as 1% higher than the nation's average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Smiths Station, AL to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Smiths Station, AL, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Smiths Station, AL salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

If you want to find a good determining factor for the cost of living and the general affordability of housing in Smiths Station, AL, 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 Smiths Station, AL, the median monthly income is $58,387 for those who own their own homes. Under the standard rule, that income level would allow for $1,362 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $34,646, per the median income in the area. That would allow for renters to spend up to $808 on monthly rental expenses.

Alabama Sales Tax

Alabama Income Tax

When you are determining the total cost of living in Smiths Station, 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 Smiths Station, AL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.