An Overview of Cost of Living in Fairfield, AL
Understanding the cost of living in Fairfield can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Fairfield cost of living index is 87, which is 13% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
Is Fairfield Affordable?
Wondering if Fairfield is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Fairfield, for example, the median home price is 48.3% lower than what folks pay nationally, and monthly rent is 15.1% lower than the usual rates. Plus, income levels matter too, with Fairfield boasting a median household income of $41,439, which is 25.1% lower than the national average.
What Factors can Influence the Cost of Living in Fairfield?
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Fairfield, the utilities index registers at 7.5% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Fairfield, healthcare costs are 6.3% lower than the national average.
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 Fairfield starts at 4% and the income tax rates start at 2%.
Where is the Data From?
The cost of living data in Fairfield 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.
Here are the best places to live in Alabama
10 Best cities in Alabama for employment
See the best places to live in & around Fairfield
These are the 10 most affordable cities in Alabama