An Overview of Cost of Living in Buckhall, VA
Knowing the cost of living in Buckhall 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 Buckhall stands at 146, marking it 46% higher than the national average.
If you value affordability in your search for a new place to live, Buckhall may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Buckhall falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs significantly influence the Buckhall 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 136.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Buckhall, it's the same story – grocery costs are 13.9% higher than what people pay across the country.
Is Buckhall Affordable?
Is Buckhall 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 Buckhall, the median home price is 144.9% higher than the national average and monthly rent prices are 116.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Buckhall boasting a median household income of $135,889, 145.6% higher than the national average.
What Factors can Influence the Cost of Living in Buckhall?
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Buckhall, the transportation index is 0.5% lower than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Buckhall, the groceries index registers 13.9% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Buckhall, the utilities index registers at 1% higher than the national average.
Where is the Data From?
The Buckhall 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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