An Overview of Cost of Living in Alliance, OH
Are you thinking about relocating, but curious about the potential cost of living in Alliance? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Alliance stands at 84, making it 16% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Alliance distinguishes itself by reporting housing expenses that are 45.4% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Alliance can allocate more of their income to housing, enhancing their financial flexibility.
Is Alliance Affordable?
Wondering if Alliance is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Alliance, for example, the median home price is 53.9% lower than what folks pay nationally, and monthly rent is 25.7% lower than the usual rates. Plus, income levels matter too, with Alliance boasting a median household income of $36,883, which is 33.3% lower than the national average.
What Factors can Influence the Cost of Living in Alliance?
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Alliance, the utilities index registers at 2.8% higher 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 Alliance, the transportation index is 2% lower than the national average.
Where is the Data From?
The cost of living in Alliance, 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.
Here are the best places to live in Ohio
These are the 10 most affordable cities in Ohio
See the best places to live in & around Alliance
Check out the 10 safest cities in Ohio