An Overview of Cost of Living in Cimarron Hills, CO
Knowing the cost of living in Cimarron Hills 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 Cimarron Hills stands at 112, marking it 12% higher than the national average.
Housing costs make up a big chunk of the cost of living in Cimarron Hills, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 23.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Cimarron Hills, these items will cost you 10.5% more than what's considered the norm, making it a more expensive place to call home.
Is Cimarron Hills Affordable?
Is Cimarron Hills 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 Cimarron Hills, the median home price is 26.3% higher than what most folks pay across the country, and monthly rent prices are 18.3% higher than the usual rates. Income levels in Cimarron Hills come in at $71,342, which is 29% higher than the national average.
What Factors can Influence the Cost of Living in Cimarron Hills?
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Cimarron Hills, the utilities index is 1.1% lower than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Cimarron Hills, is 23.9% 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 Cimarron Hills, the transportation index is 4% higher than the national average.
Where is the Data From?
The Cimarron Hills cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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