A+
18%
Overall NAT. AVG.
12%
Goods & Services NAT. AVG.
46%
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 Wabash Indiana National
Cost of living8290100
Goods & Services8894100
Groceries9998100
Health care9496100
Housing5472100
Transportation9195100
Utilities107107100

An Overview of Cost of Living in Wabash, IN

Getting a feel for the cost of living in Wabash 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 Wabash is 82, which is 18% 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.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Wabash stands out by reporting housing costs that are 46.2% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Wabash, these essential goods and services are priced 12% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.

Is Wabash Affordable?

Is Wabash affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Wabash, for instance, where the median home price falls 53.7% lower than the national average, and monthly rent rates are 28.7% lower than usual. Additionally, median income levels contribute to the equation, with Wabash flaunting a median household income of $45,267, 18.2% lower than the national norm.

What Factors can Influence the Cost of Living in Wabash?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Wabash, the general sales tax rate starts at 7%, and income tax rates begin at 3.23%.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Wabash, the housing index is 46.2% lower than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Wabash, the transportation index is 8.6% lower than the national average.

Where is the Data From?

The cost of living in Wabash, 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 Wabash is 9% lower than the Indiana average
  • The cost of living in Wabash is 18% lower than the national average
  • Wabash housing is 46% 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 Wabash

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Compare Wabash, 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$55,625$4,635$1,298$1,669
      Renters$24,233$2,019$565$727
      The affordability of the housing market in Wabash, 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 Wabash homeowners, the median income is $55,625. This indicates that a monthly maximum of $1,298 should be spent by homeowners on all housing related costs. Renters have a median income of $24,233. This indicates that renters would have a maximum of $565 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 Wabash National avg. Difference
      Haircut $22.11$24.268.9%
      Beauty Salon $28.08$45.5638.4%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.27$1.281.1%
      Movie $9.50$12.1321.7%
      Bowling $15.50$18.0013.9%

      Groceries

      Item Wabash National avg. Difference
      Ground Beef $5.96$5.842.0%
      Fried Chicken $1.61$1.572.1%
      Milk $4.69$4.670.4%
      Potatoes $5.00$4.931.4%
      Pizza $13.99$12.0915.7%
      Beer $9.95$10.414.4%

      Health Care

      Item Wabash National avg. Difference
      Optometrist $138.00$125.689.8%
      Doctor $128.67$135.785.2%
      Dentist $96.11$113.2915.2%
      Ibuprofen $10.38$10.652.6%
      Lipitor $486.44$468.603.8%

      Housing

      Item Wabash National avg. Difference
      Home Price $85,600.00$184,700.0053.7%
      Avg. Mortgage Payment $1,547.29$2,346.6934.1%
      Apartment Rent $677.00$949.0028.7%

      Transportation

      Item Wabash National avg. Difference
      Gasoline $3.49$3.460.7%
      Tire Balancing $41.11$59.9231.4%

      Utilities

      Item Wabash National avg. Difference
      All Electricity $216.22$193.9911.5%
      Phone $189.67$192.251.3%
      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.
      Jalapa, IN143946.4%
      Landess, IN89981.9%
      Mount Etna, IN1328019.9%
      Bunker Hill, IN6377822.0%
      Lagro, IN4227921.2%
      Wabash, IN10,0178218.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Paris, TN10,0218217.9%
      Yarmouth, NS10,021n/a 
      Le Mars, IA10,012909.6%
      Lacombe County, AB10,012n/a 
      Rodeo, CA10,02315453.9%
      Wabash, IN10,0178218.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.