So in order to actually live this lifestyle, you'd need a gross income of roughly 30 percent more, or about $60,000. Compared with the other 49 cities in the study, Indy ranked 26th in the discrepancy between a comfortable income and the actual median income.
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 1 Child | |
| Required annual income after taxes | $27,201 | $50,220 |
| Annual taxes | $5,643 | $10,418 |
| Required annual income before taxes | $32,844 | $60,638 |
How much does it cost to live comfortably in Indianapolis?
The cost of living in the Upper Midwest trends on the lower side and Indianapolis isn’t outside that trend. While it’s still much higher than the median income of $44,709 a year, the income needed to live comfortably while owning a home is just over $65,000 a year — lower than every other city in the study save three.
How is the cost of living calculated in Indiana?
A comparison of the Cost of Living indexes across major Indiana Cities compared to the national average. The calculations are based on the total cost of energy, food, healthcare, housing and transportation, among other factors. Click to see the cost of living for these major U.S. cities.
How much do you need to live comfortably in your city?
The nation’s fifth-most populous city has a median income a little over $52,000 a year. That’s a decent wage compared to many of the cities in this study, but it’s also about $34,000 short of what you need to live comfortably for both renters and buyers. Median income: $61,532 Income needed if you’re a homeowner: $106,256
How much income do you need to live comfortably in Florida?
Income needed if you’re a renter: $79,055 Another one of the cities where the salary needed to live comfortably is under $80,000 for both renters and buyers, Jacksonville could be a relatively affordable way to enjoy both city life and the sunny Florida climate.
What is a good salary Indiana?
Average Salary in Indiana. $47,030 is the 25th percentile. Salaries below this are outliers. $70,545 is the 75th percentile.
What salary do you need to live in Indiana?
A living wage is the rate a person must earn to completely support their family. According to an MIT study, a single parent with one child must earn $22.66 per hour for a living wage in Indiana. A living wage for one adult is $10.70 per hour. The poverty wage for one adult is $5.80.
What is the average salary in Indiana?
What are the Average Salaries in Indiana? According to CityRating.com the average salary in the state of Indiana is $41,660. The United States city average is $49,808. Career Trends lists dozens of jobs and occupations with their corresponding annual salaries in the state of Indiana.
What salary is enough to live comfortably?
This popular general budgeting rule allocates 50% of annual income to necessities like housing, 30% to discretionary expenses like travel, and the remaining 20% to savings. The median necessary living wage across the entire US is $67,690.
What is middle class income Indiana?
How Much Income Do You Need in Indiana To Be Considered Middle Class. The current median household income for Indiana is $57,603.
Is Indiana expensive to live?
Indiana is the tenth-cheapest state to live in the United States. Average costs are 10% lower than the national average, and costs in all categories are below the national average. Housing in Indiana is the eighth cheapest in the United States.
Is Indiana a poor state?
Indiana has the third-lowest poverty rate in the nation, according to the U.S. Census Bureau (see Figure 1).
What is the highest paying job in Indiana?
Consultant And Sales RepresentativeDetailed List Of Highest Paying Jobs In IndianaRankJob TitleAverage Salary1Consultant And Sales Representative$198,5642Pain Management Physician$177,0283Vice President, Field Operations$175,7734Executive Vice President Of Sales$174,63689 more rows•Apr 11, 2022
What is upper class income Indiana?
In Indianapolis, you would have to earn at least $97,257 to be considered among the top 20% of earners. The super rich, also known as the top 5%, have an average income of $325,191.
What is a true living wage?
The living wage in the United States is $16.54 per hour, or $68,808 per year, in 2019, before taxes for a family of four (two working adults, two children), compared to $16.14 in 2018. The minimum wage does not provide a living wage for most American families.
How much should I be making at 30?
From ages 25-34, the median wage is $60,000 and will increase to a median wage of $90,000 by ages 45-59. Compare that with a major in the health field, which has a median wage of $53,000 at ages 25-34 and grows to a median wage of $72,000 by ages 45-59.
What is a good salary for a single person?
The average salary for a single person is $1,089 for men and $900 for women per week in the US. This equates to an annual income of $56,628 for men and $46,800 for women on average.
What is Indiana?
About Indiana. Indiana /ˌɪndiˈænə/ (listen) is a U.S. state located in the Midwestern and Great Lakes regions of North America. Indiana is the 38th largest by area and the 17th most populous of the 50 United States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th U.S. state on December 11, 1816.
What is the capital of Indiana?
Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th U.S. state on December 11, 1816. Indiana borders Lake Michigan to the northwest, Michigan to the north, Ohio to the east, Kentucky to the south and southeast, and Illinois to the west.
How is affordability measured?
Affordability is generally measured by the rates set for insurance coverage in a state, as well as the out-of-pocket expenses that need to be paid by you when receiving the care. If rates or out-of-pocket expenses are high, your cost of living will increase.
What is the number 28 in Indiana?
Health care access and affordability and your cost of living. Indiana is ranked number 28 out of all states in overall healthcare access and affordability. Healthcare costs make up a significant part of the cost of living . The ability to afford healthcare as well as the ability to access care are key indicators of how much you will be paying ...
Where is Indiana located?
state located in the Midwestern and Great Lakes regions of North America. Indiana is the 38th largest by area a....
Is Indiana a tax friendly state?
Although Indiana has taxes in the major tax categories: Income, sales and corporate, overall it is a tax-friendly state. The highest individual tax rate is 3.23%. Sales taxes are at 7% with additional excise taxes on motor vehicles, alcohol, tobacco, and gasoline.
Typical Expenses
These figures show the individual expenses that went into the living wage estimate. Their values vary by family size, composition, and the current location.
Typical Annual Salaries
These are the typical annual salaries for various professions in this location.
How much does housing cost in Oklahoma?
Housing costs in Oklahoma are very low — just $8,824 on average — contributing to low overall costs. With a median income of $52,919, the average resident will come up about $900 short of the living wage.
What is the median income in Show Me?
Residents of the Show Me State have a median annual income of $55,461 — plus they’re also living somewhere where a dollar goes farther. Missouri is one of the 10 least-expensive places to live.
How much does a North Dakota resident make?
The annual cost of living in North Dakota is just slightly above the national average, and with a median annual salary of nearly $65,000 a year, the state’s typical resident earns more than $2,600 above the living wage.
Is Alabama the least expensive state to live in?
Alabama is among the least expensive places in America to live — in part thanks to median housing costs of just $8,590 a year — but earning a median wage would still leave inhabitants of the Yellow Hammer State $3,288 short of a living wage.
Is Your Cost of Living Too High?
The results of this study should make it clear that — based on median costs and the 50/30/20 rule — many of America’s city-dwellers are most likely coming up well short of what they need to cover expenses. That has to mean that many urbanites are having to find other ways to make ends meet and stretch their budget as far as possible.
About the Author
Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.