An Overview of Cost of Living in Braintree Town, MA
Understanding the cost of living in Braintree Town 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 Braintree Town cost of living index is 153, which is 53% higher 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.
If you prioritize affordability when seeking a new place to live, Braintree Town may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Braintree Town falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Braintree Town cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 133%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Braintree Town, you can expect to pay 21.6% more than average for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Braintree Town?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 8 locals to understand their opinions on the cost of living in Braintree Town. The results indicated that 38% found it reasonably priced with decreasing prices of goods and services, while 63% viewed it as quite expensive, with increasing prices.
Is Braintree Town Affordable?
Is Braintree Town 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 Braintree Town, the median home price is 165.1% higher than what most folks pay across the country, and monthly rent prices are 58.2% higher than the usual rates. Income levels in Braintree Town come in at $101,544, which is 83.6% higher than the national average.
What Factors can Influence the Cost of Living in Braintree Town?
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Braintree Town, the transportation index is 17.5% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Braintree Town, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 5%.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Braintree Town, healthcare costs are 12.9% higher than the national average.
Where is the Data From?
The cost of living data in Braintree Town 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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