An Overview of Cost of Living in Cheyenne, WY
The cost of living in Cheyenne affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Cheyenne is 104, which is 4% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
In Cheyenne, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Cheyenne will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Cheyenne?
The most insightful perspective on a city comes from its residents. We recently surveyed 15 locals to gauge their perception of the cost of living in Cheyenne. The feedback revealed that 13% of respondents found the cost of living to be reasonable, with prices on the decline, while 87% regarded it as notably expensive with prices that continue to rise.
Is Cheyenne Affordable?
Is Cheyenne 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 Cheyenne, the median home price is 24% higher than what most folks pay across the country, and monthly rent prices are 7.1% lower than the usual rates. Income levels in Cheyenne come in at $68,611, which is 24% higher than the national average.
What Factors can Influence the Cost of Living in Cheyenne?
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Cheyenne, the standard sales tax rate starts at 4%, and the income tax rates commence at 0%.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Cheyenne, healthcare costs are 3.1% higher than the national average.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Cheyenne, the transportation index is 3.2% lower than the national average.
Where is the Data From?
The cost of living data in Cheyenne 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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