Speedway cost of living index

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.
IndexSpeedwayIndianaNational
Cost of living index8889100
IndexSpeedwayIndianaNational
Goods & Services index10098100
Groceries index9394100
Health care index9493100
Housing index6772100
Transportation index9496100
Utilities index9894100
An overview of the general cost of living index for Speedway, IN is displayed above for your reference. Residents in Speedway, IN enjoy a cost of living index of 88. This index is 1% lower than the Indiana average, and 12% 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 Speedway, IN, the average cost of goods and services is 2% higher than it is in Indiana, and it is 1% lower than the national average.
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Did you know?

  • The cost of living in Speedway is 1% lower than the Indiana average.
  • The cost of living in Speedway is 12% lower than the national average.
  • The cost of housing in Speedway is 33% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 48% higher than the national average.

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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
The salary calculator is used in order to provide a comparison of your current salary in Speedway, IN 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 Speedway, IN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Speedway, IN 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

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$65,865$5,489$1,537$1,976
Renters$29,795$2,483$695$894
If you want to find a good determining factor for the cost of living and the general affordability of housing in Speedway, IN, 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 Speedway, IN, the median monthly income is $65,865 for those who own their own homes. Under the standard rule, that income level would allow for $1,537 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $29,795, per the median income in the area. That would allow for renters to spend up to $695 on monthly rental expenses.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
The Indiana sales tax and Indiana income tax rates should definitely be considered when determining the overall cost of living in Speedway, IN. 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 Indiana sales tax is 7% and the maximum surtax is 7%. 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 Indiana income tax rates range from 3.3% to 3.3%.

Goods & Services

ItemSpeedwayNational avg.Difference
Haircut $17.73$16.0910.2%
Beauty Salon $36.97$37.331.0%
Toothpaste $2.28$2.456.8%
Shampoo $0.99$1.000.7%
Movie $10.92$10.286.2%
Bowling $4.26$4.9313.6%

Groceries

ItemSpeedwayNational avg.Difference
Ground Beef $3.83$3.800.6%
Fried Chicken $1.29$1.407.9%
Milk $1.22$2.0139.2%
Potatoes $2.32$3.0122.8%
Pizza $10.66$9.897.8%
Beer $8.62$8.903.2%

Health Care

ItemSpeedwayNational avg.Difference
Optometrist $72.00$102.1629.5%
Doctor $92.24$108.3614.9%
Dentist $91.22$92.531.4%
Ibuprofen $8.75$9.285.7%
Lipitor $443.70$425.824.2%

Housing

ItemSpeedwayNational avg.Difference
Home Price $116,200.00$184,700.0037.1%
Avg. Mortgage Payment $892.55$1,202.4425.8%
Apartment Rent $726.00$949.0023.5%

Transportation

ItemSpeedwayNational avg.Difference
Gasoline $2.16$2.243.7%
Tire Balancing $41.86$46.299.6%

Utilities

ItemSpeedwayNational avg.Difference
All Electricity$174.65$165.965.2%
Phone $25.68$28.6810.5%
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, StatePopulationCost of Living IndexNational Avg.
Beech Grove, IN14,31985-15%
Mooresville, IN9,55389-11%
Warren Park, IN1,70489-11%
Indianapolis, IN846,67489-11%
Southport, IN2,06789-11%
Speedway, IN12,14588-12%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Palmer Town, MA12,1451055%
Neosho, MO12,14483-17%
Lake City, FL12,13790-10%
Blue Ash, OH12,1541066%
Fernandina Beach, FL12,15611010%
Speedway, IN12,14588-12%
Source: The Speedway, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.