An Overview of Cost of Living in Augusta, ME
Understanding the cost of living in Augusta 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 Augusta cost of living index is 98, which is 2% 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.
In Augusta, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Augusta will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Augusta?
Nobody knows their city better than the people who actually live there. So, we asked 5 local residents how they would rate the cost of living in Augusta and this is how they responded. 40% of people said that the cost of living was affordable, with prices decreasing, while 60% of people said that the cost of living was very expensive and prices continue to rise.
Is Augusta Affordable?
Is Augusta 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 Augusta, the median home price is 21.1% lower than the national average and monthly rent prices are 23.2% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Augusta boasting a median household income of $38,842, 29.8% lower than the national average.
What Factors can Influence the Cost of Living in Augusta?
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Augusta, the general sales tax rate starts at 5.5%, and income tax rates begin at 5.8%.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Augusta, the utilities index registers 6.7% higher 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 Augusta, the housing index comes in at 21.7% lower than the national average.
Where is the Data From?
The Augusta 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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