Stoughton cost of living index

Displayed above is a general overview of the Stoughton, WI cost of living index. The overall cost of living index in Stoughton, WI is 104, which is 8% higher than the Wisconsin average and 4% higher 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 Stoughton, WI are 9% higher than the Wisconsin average and 6% higher than the national average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Stoughton, WI to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Stoughton, WI, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Stoughton, WI salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Stoughton, WI as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Stoughton, WI homeowners, the median income is $76,971. This indicates that a monthly maximum of $1,796 should be spent by homeowners on all housing related costs. Renters have a median income of $32,500. This indicates that renters should have a maximum of $758 used for their rent related monthly costs.

Wisconsin Sales Tax

Wisconsin Income Tax

When assessing the complete cost of living in Stoughton, WI, the Wisconsin income tax and the Wisconsin sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Wisconsin maximum surtax is 6.75%, and the Wisconsin sales tax is 5%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 4% to 7.65% in Wisconsin.

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 Stoughton, WI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.