An Overview of Cost of Living in Broomall, PA
Are you thinking about relocating, but curious about the potential cost of living in Broomall? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Broomall stands at 126, making it 26% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you're in pursuit of an economical living environment, Broomall may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Broomall falls within this bracket.
Housing costs are a major factor in the Broomall cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 79% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Broomall Affordable?
Is Broomall an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Broomall is 91.5% higher than the national average, while the average monthly rent prices are 49.7% higher than average. The affordability of any location can also be influenced by median income levels. Broomall has a median household income of $95,992, which is 73.5% higher than the national average.
What Factors can Influence the Cost of Living in Broomall?
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Broomall, the housing index is 79% higher than the national average.
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 Broomall, the groceries index is 2% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Broomall, the transportation index stands at 6.7% higher than the national average.
Where is the Data From?
The cost of living in Broomall, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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