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.
An overview of the general cost of living index for South Lockport, NY is displayed above for your reference. Residents in South Lockport, NY enjoy a cost of living index of 86. This index is 28% lower than the New York average, and 14% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in South Lockport, NY, the average cost of goods and services is 10% lower than it is in New York, and it is 2% lower than the national average.
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Did you know?
The cost of living in South Lockport is 28% lower than the New York average.
The cost of living in South Lockport is 14% lower than the national average.
The cost of housing in South Lockport is 46% lower than the national average.
New York general sales tax is 21% lower than the national average.
New York state income tax is 80% higher than the national average.
Compare South Lockport, NY Cost of living To Other Cities
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
Using the salary calculator lets you compare the salary you earn in South Lockport, NY 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 South Lockport, NY, you have to earn a higher income in order to still have the same standard of living. To operate the South Lockport, NY 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
Max Budget (28% DTI)
Max Budget (36% DTI)
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in South Lockport, NY, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. South Lockport, NY has a median income of about $56,316 for people who own homes. Based on that number, a person should spend a maximum of $1,314 on expenses related to housing. Renters have a slightly different median income, which is $27,691. Based on this average, renters should spend no more than $646 on all of their rental costs if they want to maintain a non-impoverished standard of living.
New York Sales Tax
General Sales Tax
With Max Surtax
New York Income Tax
Income Tax (Low)
Income Tax (High)
When you are determining the total cost of living in South Lockport, NY you will want to make sure you consider both the New York sales tax and the New York 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 New York is 4%, with the highest surtax being 8.875%. 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 New York have a range from 4% to 8.82%.
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.