An Overview of Cost of Living in Atchison, KS
Understanding the cost of living in Atchison can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Atchison cost of living index is 84, which is 16% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Atchison stands out by reporting housing costs that are 41.3% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.
Is Atchison Affordable?
Is Atchison affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Atchison, the median home price is 46.1% lower than the national average and monthly rent prices are 30% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Atchison boasting a median household income of $47,742, 13.7% lower than the national average.
What Factors can Influence the Cost of Living in Atchison?
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Atchison, the standard sales tax rate starts at 6.5%, and the income tax rates commence at 3.1%.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Atchison, the groceries index is 3.5% lower than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Atchison, the housing index comes in at 41.3% lower than the national average.
Where is the Data From?
The Atchison cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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