An Overview of Cost of Living in Ferndale, MI
Are you thinking about relocating, but curious about the potential cost of living in Ferndale? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Ferndale stands at 100, making it 0% equal to 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.
Everyday expenditures like food, housing, goods and services, transportation and health care in Ferndale are priced in a manner consistent with other areas. This means that residents of Ferndale can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is Ferndale Affordable?
Wondering if Ferndale 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 Ferndale, for example, the median home price is 3.4% lower than what folks pay nationally, and monthly rent is 8.7% higher than the usual rates. Plus, income levels matter too, with Ferndale boasting a median household income of $77,100, which is 39.4% higher than the national average.
What Factors can Influence the Cost of Living in Ferndale?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Ferndale, the groceries index is 3.4% higher than the national average.
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: 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 Ferndale, healthcare costs are 2.2% higher than the national average.
Where is the Data From?
The cost of living data in Ferndale 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.
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