Tarrant cost of living index

The above illustration supplies generalized information for the Tarrant, AL cost of living index. Compared to other cities in Alabama and cities across the country, the cost of living index in Tarrant, AL is 80, which is 10% lower than the Alabama average and 20% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Tarrant, AL are 5% lower than the average for Alabama and 8% lower than the rest of the country.

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Salary Calculator

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

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Tarrant, AL, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Tarrant, AL homeowners have a median income of $34,775. Using that number, you will come up with a maximum of $811 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $19,250, which means there is a maximum of $449 to be spent on the costs of renting a home or apartment.

Alabama Sales Tax

Alabama Income Tax

For those who live in Tarrant, AL and want to know what the true cost of living is, they ought to look at both the Alabama income tax rate and the Alabama sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Alabama, the sales tax is 4%, while the most you'll pay in surtax is 13.5%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Alabama, the income tax rate ranges between 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 Tarrant, AL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.