Cost of Living in Columbus, Indiana

Cost of Living in Columbus, Indiana

Columbus, Indiana is located in Bartholomew County and has a population of 47,227. Columbus’s cost of housing, child care and transportation, taxes, health care as well as other necessities is $34,777 per year. This is higher than Indiana’s annual cost of living of $32,867 but lower than the national average of $38,433.

A cost of living overview in Columbus, IN

Understanding the cost to live in Columbus will help future residents determine if their financial situation is aligned with the expenses that they’ll face. This allows them to prepare for any changes they may make in their lifestyle and budget. Columbus’ cost of living index stands at 98. This is 2% below the national average. Cost of living indexes are calculated by taking multiple categories into consideration, including both everyday expenses and larger expenditures.

Columbus’ cost of living is average compared to other major cities in the United States. Food, services and utilities will not be more expensive in Columbus than they are in any other city. Living expenses are expected to be in line with national averages, which will ensure a manageable financial load. This makes it a good choice for anyone looking for affordability without having to worry about higher daily expenditures.

Is Columbus affordable?

Is Columbus affordable for me? It is important to ask this question if you’re considering a move to Columbus, Indiana. Affordability plays a major role in the decision-making process. A location’s affordability is influenced by factors such as the cost-of-living index (discussed above), housing costs and income levels. In Columbus, for example, the median house price is 5.6% less than the national average, and the monthly rent rates are 0.7% more than usual. Columbus’ median household income is 21.8% more than the national median, which amounts to $67,387.

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Factors that affect the cost of living in Columbus Indiana

Housing costs in Columbus, Indiana

The cost of housing is a major component of the cost of living. Homes for sale in Columbus, Indiana can vary, but the median home price in Columbus is $156,400. This is less than the national average of $204,900. A home built before 1939 is valued at $100,100. However, a house built after 2014 is worth $305,400.

Renting can be a cheaper alternative to home ownership. Renters make up about 37.5% of Columbus’s occupied housing stock, which is similar to the national average of 36.2%. Renters in Columbus typically spend $913 per month, which is about the same amount as the national average of $1,023 for rent.

Area income is a major factor in determining housing affordability. Housing affordability ratios vary from 1.0 to 10.0 depending on the market and which of the neighborhoods in Columbus, Indiana you choose. In Columbus, median household income is $61,152, which is 2.6 times median home value.

Transportation costs in Columbus, Indiana

Transport can be an important component of the cost of living. In Columbus, 93.80% of commuters drive themselves to work. This compares to 85.5% nationwide. A little more than 20.10% of Columbus workers commute to work outside the city. This is a lower percentage than the 43.7% of Americans who commute between cities. The average commute time in Columbus is 17-minutes, while the average commute across the country is 26.6 minutes. The EPI estimates that Columbus residents spend $10,555 per year on transportation. This is more than the national average $9,760.

Health care costs in Columbus, Indiana

Columbus’s out-of-pocket costs for health care and insurance are lower than the national average, but are still comparable to those in Indiana. The average cost of health care for a single adult in the area is $3,834, compared with an average of $3,836 throughout Indiana and $4,266 nationally.

Child care costs in Columbus Indiana

Child care costs can add thousands of dollars per year to the overall budgets of families with children. The average cost of childcare for two children in Columbus — one 4-year-old and one 8-year old — is about $1,100 higher than the Indiana average of $16,924. In the United States, on average, two children’s childcare costs are $15,853 a year.

food prices in columbus

Food prices in Columbus Indiana

The cost of food is another everyday expense that can have a major impact on the overall cost. The U.S. Department of Agriculture has data that shows the price of food can vary from one city or town to another.

A single adult in Columbus spends on average $2,880 per year on food, while a family of 4 spends on average $8,318. To put this in context, the average annual food expenses for an adult are $2,872 or $3,240, and for a four-person family, $8,295 or $9,354. These estimates are based on a diet consisting of groceries purchased for home preparation.

Taxes in Columbus Indiana

Taxes are one of the few expenses that vary so much between cities and towns. The average adult in Columbus, Indiana, pays $5,769 per year in taxes. This includes federal and state income taxes as well as Social Security contributions, Medicare payroll taxes and Social Security contributions.

These calculations exclude other taxes, such as sales and property taxes. Columbus residents have a relatively low tax burden when you include these taxes and exclude federal taxes. Indiana collects $2,899 in state taxes per capita, compared with the average of $3,151 across all states.