A+
12%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
37%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Bedford Indiana National
Cost of living8890100
Goods & Services9994100
Groceries10198100
Health care9596100
Housing6372100
Transportation9695100
Utilities104107100

An Overview of Cost of Living in Bedford, IN

Getting a feel for the cost of living in Bedford is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Bedford is 88, which is 12% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Is Bedford Affordable?

Wondering if Bedford is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Bedford, for example, the median home price is 42% lower than what folks pay nationally, and monthly rent is 25.8% lower than the usual rates. Plus, income levels matter too, with Bedford boasting a median household income of $42,893, which is 22.5% lower than the national average.

What Factors can Influence the Cost of Living in Bedford?

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Bedford, the groceries index registers 1.4% higher than the national average.

Where is the Data From?

The cost of living data in Bedford displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Bedford is 1% lower than the Indiana average
  • The cost of living in Bedford is 12% lower than the national average
  • Bedford housing is 37% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 21% higher than the national average

Most Affordable Places to Live in and Around Bedford

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Compare Bedford, IN Cost of Living

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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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$53,468$4,456$1,248$1,604
      Renters$20,216$1,685$472$607
      The affordability of the housing market in Bedford, IN as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Bedford homeowners, the median income is $53,468. This indicates that a monthly maximum of $1,248 should be spent by homeowners on all housing related costs. Renters have a median income of $20,216. This indicates that renters would have a maximum of $472 for their rent related monthly costs.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.15% 3.15%

      Goods & Services

      Item Bedford National avg. Difference
      Haircut $26.42$24.268.9%
      Beauty Salon $47.57$45.564.4%
      Toothpaste $3.55$3.704.0%
      Shampoo $1.36$1.286.5%
      Movie $11.48$12.135.4%
      Bowling $16.61$18.007.7%

      Groceries

      Item Bedford National avg. Difference
      Ground Beef $5.88$5.840.8%
      Fried Chicken $1.74$1.5710.8%
      Milk $4.78$4.672.4%
      Potatoes $5.01$4.931.6%
      Pizza $12.45$12.093.0%
      Beer $10.53$10.411.1%

      Health Care

      Item Bedford National avg. Difference
      Optometrist $173.41$125.6838.0%
      Doctor $108.22$135.7820.3%
      Dentist $104.94$113.297.4%
      Ibuprofen $10.84$10.651.8%
      Lipitor $483.43$468.603.2%

      Housing

      Item Bedford National avg. Difference
      Home Price $107,200.00$184,700.0042.0%
      Avg. Mortgage Payment $2,453.08$2,346.694.5%
      Apartment Rent $704.00$949.0025.8%

      Transportation

      Item Bedford National avg. Difference
      Gasoline $3.56$3.462.9%
      Tire Balancing $47.16$59.9221.3%

      Utilities

      Item Bedford National avg. Difference
      All Electricity $206.98$193.996.7%
      Phone $190.02$192.251.2%
      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 Population Cost of Living Index National Avg.
      Owensburg, IN3898218.2%
      Saltillo, IN1608317.1%
      Mitchell, IN4,2728416.0%
      Campbellsburg, IN8158514.8%
      Orleans, IN2,1928614.1%
      Bedford, IN13,2468811.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Western Springs, IL13,24716161.3%
      McFarland, CA13,2441109.6%
      Shorewood, WI13,24812020.3%
      Richmond Hill, GA13,2501077.2%
      Bellefontaine, OH13,250946.5%
      Bedford, IN13,2468811.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.