Cost of Living in Parkers Settlement, Indiana
Parkers Settlement is a Census-designated place in Posey County, Indiana, with a population of 630. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Parkers Settlement is $34,936 a year — greater than the annual cost of living for Indiana of $32,867 yet less than the national figure of $38,433.
Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Parkers Settlement and over 29,000 other cities and towns in the US.
Housing Costs in Parkers Settlement, Indiana
Housing is one of the largest components of cost of living. In Parkers Settlement, the median home value is $129,800, less than the national median home value of $204,900.
Renting is a sometimes lower cost alternative to homeownership. In Parkers Settlement, some 16.00% of occupied homes are rented, less than the 36.2% national renter rate. The typical renter in Parkers Settlement spends $643 a month on housing, less than the $1,023 national median monthly rent.
In addition to home value, one of the largest determinants of housing affordability is area income. While nationwide the price of a typical U.S. home is 3.4 times the $60,293 U.S. median household income, housing affordability ratios range from approximately 1.0 in the least expensive cities to more than 10.0 in the country's most expensive markets. In Parkers Settlement, the median household income is $68,250, 1.9 times the median home value.
Transportation Costs in Parkers Settlement, Indiana
Transportation can also be a significant component of cost of living. In Parkers Settlement, 99.00% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 97.40% of workers commute to jobs outside of Parkers Settlement, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Parkers Settlement is 24.9 minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Parkers Settlement spends $11,579 a year on transportation, more than the national average of $9,760.
Health Care Costs in Parkers Settlement, Indiana
Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are slightly higher than they are on average nationwide in Parkers Settlement and also above what they are across Indiana as a whole.
For a single adult living in the area, average health care costs come out to $4,424 per year, compared to an average of $3,836 across Indiana and $4,266 nationwide.
Child care Costs in Parkers Settlement, Indiana
For families with children, child care adds thousands of dollars to overall annual spending. In Parkers Settlement, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $16,760, about $200 less than the comparable average of $16,924 across all of Indiana. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.
Food Costs in Parkers Settlement, Indiana
In Parkers Settlement, a single adult spends an average of $3,038 on food annually, and a family of four spends $8,773 on average. For context, average annual food expenditure across Indiana and the U.S., respectively, are $2,872 and $3,240 for a single adult, and $8,295 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.
Taxes in Parkers Settlement, Indiana
Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Parkers Settlement, Indiana pays $5,803 annually — closely in line with the statewide average of $5,366.
It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Parkers Settlement residents live in a state with a low average tax burden. Per capita state tax collections in Indiana total $2,899 per year, compared to the $3,151 average across all states.
Read More About Cost of Living
More TopicsClick here to see detailed analysis about crime in every state
Click here to see updated data about coronavirus in every state