C
9%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
21%
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 Schererville Indiana National
Cost of living10990100
Goods & Services10794100
Groceries10498100
Health care10896100
Housing12172100
Transportation10795100
Utilities89107100

An Overview of Cost of Living in Schererville, IN

Knowing the cost of living in Schererville 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 Schererville stands at 109, marking it 9% higher than the national average.

Everyday expenditures like food, housing, goods and services, transportation and health care in Schererville are priced in a manner consistent with other areas. This means that residents of Schererville can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

When it comes to the cost of living in Schererville, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 21.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Schererville Affordable?

Is Schererville an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Schererville is 28.6% higher than the national average, while the average monthly rent prices are 3.8% higher than average. The affordability of any location can also be influenced by median income levels. Schererville has a median household income of $75,327, which is 36.2% higher than the national average.

What Factors can Influence the Cost of Living in Schererville?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Schererville, healthcare costs are 7.7% higher than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Schererville, the groceries index is 3.5% higher than the national average.

Where is the Data From?

The cost of living in Schererville, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Schererville is 22% higher than the Indiana average
  • The cost of living in Schererville is 9% higher than the national average
  • Schererville housing is 21% 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 Schererville

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Compare Schererville, 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$87,467$7,289$2,041$2,624
      Renters$53,767$4,481$1,254$1,613
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Schererville, 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 Schererville homeowners, is $87,467. This would allow for a maximum of $2,041 per month to be spent on housing costs. For renters, the median monthly income is $53,767 which would result in a maximum of $1,254 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 Schererville National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Schererville National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Schererville National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Schererville National avg. Difference
      Home Price $237,500.00$184,700.0028.6%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $985.00$949.003.8%

      Transportation

      Item Schererville National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Schererville National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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%
      East Chicago, IN28,0448712.7%
      Gary, IN75,4868812.0%
      Phoenix, IL1,4028812.0%
      Schererville, IN28,5591099.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Granite City, IL28,5638217.9%
      Northampton, MA28,55212524.6%
      Monterey, CA28,57519291.8%
      West Springfield Town, MA28,52711010.4%
      Burton, MI28,5988911.0%
      Schererville, IN28,5591099.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.