Tarrant, AL Cost Of Living

Tarrant 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.
Index	Tarrant	Alabama	National
Cost of living index	80	89	100
Index	Tarrant	Alabama	National
Goods & Services index	92	96	100
Groceries index	96	97	100
Health care index	84	86	100
Housing index	50	72	100
Transportation index	91	91	100
Utilities index	101	108	100

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.

Did you know?

The cost of living in Tarrant is 10% lower than the Alabama average.
The cost of living in Tarrant is 20% lower than the national average.
The cost of housing in Tarrant is 50% lower than the national average.
Alabama general sales tax is 21% lower than the national average.
Alabama state income tax is 10% lower than the national average.

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Salary Calculator

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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 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

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$34,775	$2,898	$811	$1,043
Renters	$19,250	$1,604	$449	$578

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

State	General Sales Tax	With Max Surtax
Alabama	4%	13.5%

Alabama Income Tax

State	Income Tax (Low)	Income Tax (High)
Alabama	2%	5%

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

Item	Tarrant	National avg.	Difference
Haircut	$15.33	$16.09	4.7%
Beauty Salon	$34.18	$37.33	8.4%
Toothpaste	$3.52	$2.45	43.7%
Shampoo	$0.84	$1.00	16.0%
Movie	$10.49	$10.28	2.1%
Bowling	$5.28	$4.93	7.1%

Groceries

Item	Tarrant	National avg.	Difference
Ground Beef	$4.01	$3.80	5.4%
Fried Chicken	$1.26	$1.40	9.6%
Milk	$2.26	$2.01	12.4%
Potatoes	$5.16	$3.01	71.4%
Pizza	$8.49	$9.89	14.1%
Beer	$8.14	$8.90	8.6%

Health Care

Item	Tarrant	National avg.	Difference
Optometrist	$116.33	$102.16	13.9%
Doctor	$86.11	$108.36	20.5%
Dentist	$71.22	$92.53	23.0%
Ibuprofen	$5.96	$9.28	35.8%
Lipitor	$432.03	$425.82	1.5%

Housing

Item	Tarrant	National avg.	Difference
Home Price	$72,900.00	$184,700.00	60.5%
Avg. Mortgage Payment	$972.83	$1,202.44	19.1%
Apartment Rent	$699.00	$949.00	26.3%

Transportation

Item	Tarrant	National avg.	Difference
Gasoline	$2.01	$2.24	10.3%
Tire Balancing	$43.49	$46.29	6.1%

Utilities

Item	Tarrant	National avg.	Difference
All Electricity	$190.76	$165.96	14.9%
Phone	$24.33	$28.68	15.2%

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, State	Population	Cost of Living Index	National Avg.
Cardiff, AL	58	93	-7%
Mount Olive CDP (Coosa County), AL	275	76	-24%
Lipscomb, AL	2,437	77	-23%
Mulga, AL	967	77	-23%
Vandiver, AL	954	78	-22%
Tarrant, AL	6,271	80	-20%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Kodiak, AK	6,272	124	24%
Rushville, IN	6,267	75	-25%
Kingston, MA	6,276	133	33%
Bridgeport, TX	6,277	87	-13%
Carmel Hamlet, NY	6,278	127	27%
Tarrant, AL	6,271	80	-20%

Source: The Tarrant, AL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Tarrant, AL Cost of Living