An Overview of Cost of Living in Canby, OR
Are you thinking about relocating, but curious about the potential cost of living in Canby? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Canby stands at 128, making it 28% 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.
The cost of living in Canby is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Canby falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a very significant part of the Canby cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 72.5% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Canby does not fare better, with grocery expenses coming in at 10.5% higher than the national average.
Is Canby Affordable?
Wondering if Canby is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Canby, for example, the median home price is 93.7% higher than what folks pay nationally, and monthly rent is 23.2% higher than the usual rates. Plus, income levels matter too, with Canby boasting a median household income of $74,825, which is 35.3% higher than the national average.
What Factors can Influence the Cost of Living in Canby?
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 Canby, the groceries index is 10.5% higher than the national average.
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 Canby, the healthcare costs are 9.6% higher than the national average.
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 Canby, the transportation index is 26.3% higher than the national average.
Where is the Data From?
The cost of living data in Canby 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.
Here are the best places to live in Oregon
These are the 10 most affordable cities in Oregon
Top 10 cities in Oregon with the best education system
Check out the 10 safest cities in Oregon