Cost Of Living in Summit, WI

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	Summit	Wisconsin	National
Cost of living	129	96	100
Goods & Services	99	97	100
Groceries	103	99	100
Health care	111	112	100
Housing	193	88	100
Transportation	99	98	100
Utilities	105	102	100

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Cost Of Living Quick Facts

The cost of living in Summit is 34% higher than the Wisconsin average
The cost of living in Summit is 29% higher than the national average
Summit housing is 93% higher than the national average
Wisconsin general sales tax is 2% lower than the national average
Wisconsin state income tax is 36% 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	$123,816	$10,318	$2,889	$3,715
Renters	$65,833	$5,486	$1,536	$1,975

A good indicator of the general affordability of housing in Summit, WI, 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 Summit, the median monthly income is $123,816 for those who own their own homes. Under the standard rule, that income level would allow for $2,889 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $65,833, per the median income in the area. That would allow for renters to spend up to $1,536 on monthly rental expenses.

Wisconsin Sales Tax

State	General Sales Tax	With Max Surtax
Wisconsin	5%	6.75%

Wisconsin Income Tax

State	Income Tax (Low)	Income Tax (High)
Wisconsin	3.54%	7.65%

Goods & Services

Item	Summit	National avg.	Difference
Haircut	$20.21	$24.26	16.7%
Beauty Salon	$33.25	$45.56	27.0%
Toothpaste	$3.66	$3.70	1.1%
Shampoo	$1.07	$1.28	16.6%
Movie	$10.26	$12.13	15.5%
Bowling	$10.03	$18.00	44.3%

Groceries

Item	Summit	National avg.	Difference
Ground Beef	$6.05	$5.84	3.5%
Fried Chicken	$1.46	$1.57	7.3%
Milk	$4.55	$4.67	2.7%
Potatoes	$4.10	$4.93	17.0%
Pizza	$11.33	$12.09	6.3%
Beer	$8.52	$10.41	18.2%

Health Care

Item	Summit	National avg.	Difference
Optometrist	$278.65	$125.68	121.7%
Doctor	$223.73	$135.78	64.8%
Dentist	$106.79	$113.29	5.7%
Ibuprofen	$10.29	$10.65	3.4%
Lipitor	$469.65	$468.60	0.2%

Housing

Item	Summit	National avg.	Difference
Home Price	$406,900.00	$184,700.00	120.3%
Avg. Mortgage Payment	$1,879.64	$2,346.69	19.9%
Apartment Rent	$1,229.00	$949.00	29.5%

Transportation

Item	Summit	National avg.	Difference
Gasoline	$3.30	$3.46	4.5%
Tire Balancing	$44.14	$59.92	26.3%

Utilities

Item	Summit	National avg.	Difference
All Electricity	$182.69	$193.99	5.8%
Phone	$185.79	$192.25	3.4%

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.
Palmyra, WI	2,058	96	4.4%
Watertown, WI	23,561	100	0.4%
Whitewater, WI	14,762	101	1.0%
Helenville, WI	245	102	1.9%
Lebanon, WI	98	100	0.3%
Summit, WI	4,922	129	28.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Cicero, IN	4,921	95	5.2%
Osage Beach, MO	4,923	103	3.4%
Parker, TX	4,920	182	82.0%
Adel, IA	4,924	96	4.1%
Sheridan, AR	4,919	94	6.2%
Summit, WI	4,922	129	28.6%

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 Summit, WI