An Overview of Cost of Living in Evansville, IN
Are you thinking about relocating, but curious about the potential cost of living in Evansville? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Evansville stands at 89, making it 11% 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.
What Do Locals Say About the Cost of Living in Evansville?
The most insightful perspective on a city comes from its residents. We recently surveyed 17 locals to gauge their perception of the cost of living in Evansville. The feedback revealed that 18% of respondents found the cost of living to be reasonable, with prices on the decline, while 82% regarded it as notably expensive with prices that continue to rise.
Is Evansville Affordable?
Is Evansville affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Evansville, the median home price is 46.6% lower than the national average and monthly rent prices are 16% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Evansville boasting a median household income of $42,623, 23% lower than the national average.
What Factors can Influence the Cost of Living in Evansville?
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 Evansville starts at 7% and the income tax rates start at 3.23%.
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.
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 Evansville, the healthcare costs are 12.1% lower than the national average.
Where is the Data From?
The cost of living in Evansville, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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