A+
8%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
22%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Speedway Indiana National
Cost of living9290100
Goods & Services9694100
Groceries10098100
Health care8996100
Housing7872100
Transportation9695100
Utilities104107100

An Overview of Cost of Living in Speedway, IN

The cost of living in Speedway affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Speedway is 92, which is 8% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Speedway closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Speedway can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Speedway Affordable?

Wondering if Speedway is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Speedway, for example, the median home price is 28.6% lower than what folks pay nationally, and monthly rent is 5.9% lower than the usual rates. Plus, income levels matter too, with Speedway boasting a median household income of $46,863, which is 15.3% lower than the national average.

What Factors can Influence the Cost of Living in Speedway?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Speedway, the groceries index is 0.1% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Where is the Data From?

The Speedway cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Speedway is 2% higher than the Indiana average
  • The cost of living in Speedway is 8% lower than the national average
  • Speedway housing is 22% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 43% higher than the national average

Most Affordable Places to Live in and Around Speedway

See all the best places to live around Speedway

Compare Speedway, IN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$68,571$5,714$1,600$2,057
      Renters$38,927$3,244$908$1,168
      A good indicator of the general affordability of housing in Speedway, IN, 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 Speedway, the median monthly income is $68,571 for those who own their own homes. Under the standard rule, that income level would allow for $1,600 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $38,927, per the median income in the area. That would allow for renters to spend up to $908 on monthly rental expenses.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.23% 3.23%

      Goods & Services

      Item Speedway National avg. Difference
      Haircut $19.53$24.2619.5%
      Beauty Salon $39.03$45.5614.3%
      Toothpaste $3.67$3.700.9%
      Shampoo $1.33$1.284.1%
      Movie $10.91$12.1310.1%
      Bowling $18.70$18.003.9%

      Groceries

      Item Speedway National avg. Difference
      Ground Beef $5.91$5.841.3%
      Fried Chicken $1.61$1.572.4%
      Milk $4.73$4.671.3%
      Potatoes $5.07$4.932.7%
      Pizza $12.39$12.092.5%
      Beer $10.30$10.411.1%

      Health Care

      Item Speedway National avg. Difference
      Optometrist $73.37$125.6841.6%
      Doctor $99.19$135.7826.9%
      Dentist $109.26$113.293.6%
      Ibuprofen $10.70$10.650.4%
      Lipitor $509.36$468.608.7%

      Housing

      Item Speedway National avg. Difference
      Home Price $131,900.00$184,700.0028.6%
      Avg. Mortgage Payment $1,794.91$2,346.6923.5%
      Apartment Rent $893.00$949.005.9%

      Transportation

      Item Speedway National avg. Difference
      Gasoline $3.39$3.462.2%
      Tire Balancing $54.63$59.928.8%

      Utilities

      Item Speedway National avg. Difference
      All Electricity $207.03$193.996.7%
      Phone $190.02$192.251.2%
      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

      City Population Cost of Living Index National Avg.
      Beech Grove, IN15,1488811.6%
      Clermont, IN1,365918.9%
      Warren Park, IN1,477927.7%
      Mooresville, IN9,727937.1%
      Indianapolis, IN869,387936.7%
      Speedway, IN12,327928.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Saddlebrooke, AZ12,32713333.2%
      Tamalpais-Homestead Valley, CA12,331265164.8%
      New Baltimore, MI12,3331054.6%
      St. Marys, PA12,333909.7%
      Gulfport, FL12,3341032.9%
      Speedway, IN12,327928.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.