An Overview of Cost of Living in Bexley, OH
Getting a feel for the cost of living in Bexley is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Bexley is 122, which is 22% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Bexley is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Bexley falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Bexley, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 87% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Bexley Affordable?
Is Bexley an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Bexley, the median home price is 121.4% higher than what most folks pay across the country, and monthly rent prices are 6.7% higher than the usual rates. Income levels in Bexley come in at $109,805, which is 98.5% higher than the national average.
What Factors can Influence the Cost of Living in Bexley?
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Bexley, the healthcare costs are 14.8% lower than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
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 Bexley, the general sales tax rate starts at 5.75%, and income tax rates begin at 0%.
Where is the Data From?
The Bexley cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.