An Overview of Cost of Living in Decatur, IL
Are you thinking about relocating, but curious about the potential cost of living in Decatur? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Decatur stands at 77, making it 23% lower 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 Decatur ranks as one of the most budget-friendly places to reside in the nation, as everyday expenses are far below average. Only a limited number of cities can boast a cost of living index that is at least 20% below the national average, and Decatur proudly falls into this exclusive group. This underscores the remarkable affordability of this region when compared to other cities.
It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Decatur stands out by reporting housing costs that are 45.8% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.
Everyday items like clothes, personal care products and fun activities all add up to what it costs to live. The thing is, in Decatur, these goods and services are 18.3% cheaper than what people pay on average across the country. That means you can enjoy what you need and like without going broke. With these savings, you can stash more cash in your savings or use it for other money goals, which can really boost your financial health.
What Do Locals Say About the Cost of Living in Decatur?
Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Decatur and this is how they responded. 33% of people said that the cost of living was affordable, with prices decreasing, while 67% of people said that the cost of living was very expensive and prices continue to rise.
Is Decatur Affordable?
Is Decatur 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 Decatur is 53.7% lower than the national average, while the average monthly rent prices are 27.5% lower than average. The affordability of any location can also be influenced by median income levels. Decatur has a median household income of $45,404, which is 17.9% lower than the national average.
What Factors can Influence the Cost of Living in Decatur?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Decatur comes in at 10.5% lower than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
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 Decatur, healthcare costs are 16.7% lower than the national average.
Where is the Data From?
The Decatur 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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