An Overview of Cost of Living in Clinton, IA
Knowing the cost of living in Clinton 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 Clinton stands at 86, marking it 14% lower than the national average.
Clinton housing costs are 41.2% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Clinton residents can earmark a more manageable portion of their income to housing.
What Do Locals Say About the Cost of Living in Clinton?
Nobody knows their city better than the people who actually live there. So, we asked 68 local residents how they would rate the cost of living in Clinton and this is how they responded. 21% of people said that the cost of living was affordable, with prices decreasing, while 79% of people said that the cost of living was very expensive and prices continue to rise.
Is Clinton Affordable?
Is Clinton 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 Clinton is 45.4% lower than the national average, while the average monthly rent prices are 31.3% lower than average. The affordability of any location can also be influenced by median income levels. Clinton has a median household income of $46,066, which is 16.7% lower than the national average.
What Factors can Influence the Cost of Living in Clinton?
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Clinton starts at 6% and the income tax rates start at 0.33%.
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 Clinton, the transportation index is 3.8% higher than the national average.
Where is the Data From?
The Clinton 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.
Here are the best places to live in Iowa
Check out the 10 safest cities in Iowa
10 Best cities in Iowa for employment
10 best cities to buy a new house in Iowa