A+
3%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
2%
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 Cedar Lake Indiana National
Cost of living9790100
Goods & Services9694100
Groceries9798100
Health care9096100
Housing10272100
Transportation9595100
Utilities90107100

An Overview of Cost of Living in Cedar Lake, IN

Knowing the cost of living in Cedar Lake allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Cedar Lake stands at 97, marking it 3% lower than the national average.

In Cedar Lake, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Cedar Lake will resemble that of an average city, contributing to a manageable cost of living.

Is Cedar Lake Affordable?

Wondering if Cedar Lake 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 Cedar Lake, for example, the median home price is 2.3% higher than what folks pay nationally, and monthly rent is 0.4% higher than the usual rates. Plus, income levels matter too, with Cedar Lake boasting a median household income of $65,026, which is 17.5% higher than the national average.

What Factors can Influence the Cost of Living in Cedar Lake?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Cedar Lake, the standard sales tax rate starts at 7%, and the income tax rates commence at 3.23%.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Cedar Lake, the utilities index registers 10.5% lower than the national average.

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.

Where is the Data From?

The Cedar Lake cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Cedar Lake is 8% higher than the Indiana average
  • The cost of living in Cedar Lake is 3% lower than the national average
  • Cedar Lake housing is 2% higher 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 Cedar Lake

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Compare Cedar Lake, 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$74,435$6,203$1,737$2,233
      Renters$46,100$3,842$1,076$1,383
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Cedar Lake, IN, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Cedar Lake homeowners, is $74,435. This would allow for a maximum of $1,737 per month to be spent on housing costs. For renters, the median monthly income is $46,100 which would result in a maximum of $1,076 to be spent on rental 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 Cedar Lake National avg. Difference
      Haircut $23.56$24.262.9%
      Beauty Salon $42.28$45.567.2%
      Toothpaste $3.77$3.701.9%
      Shampoo $1.46$1.2813.8%
      Movie $8.75$12.1327.9%
      Bowling $18.33$18.001.9%

      Groceries

      Item Cedar Lake National avg. Difference
      Ground Beef $6.31$5.848.0%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.63$4.670.8%
      Potatoes $4.96$4.930.5%
      Pizza $13.80$12.0914.1%
      Beer $10.43$10.410.2%

      Health Care

      Item Cedar Lake National avg. Difference
      Optometrist $93.66$125.6825.5%
      Doctor $120.22$135.7811.5%
      Dentist $113.44$113.290.1%
      Ibuprofen $10.48$10.651.7%
      Lipitor $365.52$468.6022.0%

      Housing

      Item Cedar Lake National avg. Difference
      Home Price $188,900.00$184,700.002.3%
      Avg. Mortgage Payment $1,536.70$2,346.6934.5%
      Apartment Rent $953.00$949.000.4%

      Transportation

      Item Cedar Lake National avg. Difference
      Gasoline $3.17$3.468.3%
      Tire Balancing $61.36$59.922.4%

      Utilities

      Item Cedar Lake National avg. Difference
      All Electricity $157.45$193.9918.8%
      Phone $197.49$192.252.7%
      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.
      Wheeler, IN2291043.9%
      Ford Heights, IL2,7058614.2%
      Shelby, IN3708416.2%
      Lake Station, IN11,952918.6%
      New Chicago, IN1,846918.6%
      Cedar Lake, IN12,830973.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Joppatowne, MD12,83311414.0%
      Grass Valley, CA12,81712727.1%
      Brighton, ON12,811n/a 
      Herrin, IL12,8068812.4%
      Kingston, PA12,859927.7%
      Cedar Lake, IN12,830973.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.