An Overview of Cost of Living in Bonham, TX
Knowing the cost of living in Bonham allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Bonham stands at 96, marking it 4% lower than the national average.
Everyday expenditures like food, housing, goods and services, transportation and health care in Bonham are priced in a manner consistent with other areas. This means that residents of Bonham can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Bonham goods and services are 20.6% more expensive than the national average, leaving you with less money at the end of the month.
Is Bonham Affordable?
Is Bonham 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 Bonham, the median home price is 52.5% lower than what most folks pay across the country, and monthly rent prices are 7.8% lower than the usual rates. Income levels in Bonham come in at $44,040, which is 20.4% lower than the national average.
What Factors can Influence the Cost of Living in Bonham?
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Bonham, the utilities index stands at 15.1% higher 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.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Bonham, the groceries index is 3% lower than the national average.
Where is the Data From?
The cost of living data in Bonham displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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