A+
13%
Overall NAT. AVG.
14%
Goods & Services NAT. AVG.
24%
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 Goshen Indiana National
Cost of living8790100
Goods & Services8694100
Groceries10098100
Health care8796100
Housing7672100
Transportation9095100
Utilities101107100

An Overview of Cost of Living in Goshen, IN

Are you thinking about relocating, but curious about the potential cost of living in Goshen? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Goshen stands at 87, making it 13% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Goshen, these goods are 13.8% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

Is Goshen Affordable?

Is Goshen affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Goshen, the median home price is 28.9% lower than the national average and monthly rent prices are 14.1% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Goshen boasting a median household income of $50,224, 9.2% lower than the national average.

What Factors can Influence the Cost of Living in Goshen?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Goshen, the transportation index is 10.3% lower than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Goshen, the groceries index is 0.1% lower than the national average.

Where is the Data From?

The Goshen 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Goshen is 3% lower than the Indiana average
  • The cost of living in Goshen is 13% lower than the national average
  • Goshen housing is 24% 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 Goshen

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Compare Goshen, 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$60,714$5,060$1,417$1,822
      Renters$35,631$2,969$831$1,069
      A good indicator of the general affordability of housing in Goshen, IN, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Goshen, the median monthly income is $60,714 for those who own their own homes. Under the standard rule, that income level would allow for $1,417 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $35,631, per the median income in the area. That would allow for renters to spend up to $831 on monthly rental expenses.

      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 Goshen National avg. Difference
      Haircut $20.78$24.2614.4%
      Beauty Salon $52.07$45.5614.3%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.34$1.284.6%
      Movie $13.08$12.137.8%
      Bowling $10.44$18.0042.0%

      Groceries

      Item Goshen National avg. Difference
      Ground Beef $6.31$5.848.0%
      Fried Chicken $1.62$1.573.0%
      Milk $4.83$4.673.3%
      Potatoes $4.96$4.930.4%
      Pizza $11.04$12.098.7%
      Beer $9.65$10.417.3%

      Health Care

      Item Goshen National avg. Difference
      Optometrist $132.22$125.685.2%
      Doctor $117.36$135.7813.6%
      Dentist $99.95$113.2911.8%
      Ibuprofen $10.40$10.652.4%
      Lipitor $356.34$468.6024.0%

      Housing

      Item Goshen National avg. Difference
      Home Price $131,400.00$184,700.0028.9%
      Avg. Mortgage Payment $1,868.87$2,346.6920.4%
      Apartment Rent $815.00$949.0014.1%

      Transportation

      Item Goshen National avg. Difference
      Gasoline $3.38$3.462.4%
      Tire Balancing $42.17$59.9229.6%

      Utilities

      Item Goshen National avg. Difference
      All Electricity $199.24$193.992.7%
      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.
      Cromwell, IN4798316.6%
      Ligonier, IN4,4898416.2%
      Kimmell, IN5718515.2%
      Milford, IN1,6648217.5%
      Elkhart, IN52,6578217.5%
      Goshen, IN34,5868713.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Goldsboro, NC34,610928.1%
      Dakota Ridge, CO34,65513131.0%
      Vestavia Hills, AL34,48212424.1%
      Leawood, KS34,70213535.1%
      McMinnville, OR34,46611817.7%
      Goshen, IN34,5868713.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.