Cost Of Living in Knox, IN

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	Knox	Indiana	National
Cost of living	81	90	100
Goods & Services	86	94	100
Groceries	100	98	100
Health care	87	96	100
Housing	55	72	100
Transportation	90	95	100
Utilities	101	107	100

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Cost Of Living Quick Facts

The cost of living in Knox is 10% lower than the Indiana average
The cost of living in Knox is 19% lower than the national average
Knox housing is 45% 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

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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	$49,667	$4,139	$1,159	$1,490
Renters	$30,156	$2,513	$704	$905

The affordability of the housing market in Knox, 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 Knox homeowners, the median income is $49,667. This indicates that a monthly maximum of $1,159 should be spent by homeowners on all housing related costs. Renters have a median income of $30,156. This indicates that renters would have a maximum of $704 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	Knox	National avg.	Difference
Haircut	$20.78	$24.26	14.4%
Beauty Salon	$52.07	$45.56	14.3%
Toothpaste	$3.66	$3.70	1.1%
Shampoo	$1.34	$1.28	4.6%
Movie	$13.08	$12.13	7.8%
Bowling	$10.44	$18.00	42.0%

Groceries

Item	Knox	National avg.	Difference
Ground Beef	$6.31	$5.84	8.0%
Fried Chicken	$1.62	$1.57	3.0%
Milk	$4.83	$4.67	3.3%
Potatoes	$4.96	$4.93	0.4%
Pizza	$11.04	$12.09	8.7%
Beer	$9.65	$10.41	7.3%

Health Care

Item	Knox	National avg.	Difference
Optometrist	$132.22	$125.68	5.2%
Doctor	$117.36	$135.78	13.6%
Dentist	$99.95	$113.29	11.8%
Ibuprofen	$10.40	$10.65	2.4%
Lipitor	$356.34	$468.60	24.0%

Housing

Item	Knox	National avg.	Difference
Home Price	$94,600.00	$184,700.00	48.8%
Avg. Mortgage Payment	$1,868.87	$2,346.69	20.4%
Apartment Rent	$617.00	$949.00	35.0%

Transportation

Item	Knox	National avg.	Difference
Gasoline	$3.38	$3.46	2.4%
Tire Balancing	$42.17	$59.92	29.6%

Utilities

Item	Knox	National avg.	Difference
All Electricity	$199.24	$193.99	2.7%
Phone	$190.02	$192.25	1.2%

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.
Medaryville, IN	712	82	18.0%
Kingsford Heights, IN	1,381	78	21.9%
Monterey, IN	391	79	21.3%
Hamlet, IN	758	80	20.3%
North Judson, IN	2,139	81	19.0%
Knox, IN	3,553	81	19.4%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Lely, FL	3,553	118	18.1%
St. Anthony, ID	3,552	97	2.7%
Fetters Hot Springs-Agua Caliente, CA	3,554	170	70.2%
Kimberly, AL	3,551	101	0.7%
Pen Argyl, PA	3,551	100	0.5%
Knox, IN	3,553	81	19.4%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Knox, IN