An Overview of Cost of Living in Fountain, CO
Understanding the cost of living in Fountain 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 Fountain cost of living index is 118, which is 18% higher 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.
When it comes to the cost of living in Fountain, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 45.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Fountain, these items will cost you 10.5% more than what's considered the norm, making it a more expensive place to call home.
What Do Locals Say About the Cost of Living in Fountain?
Locals have the inside scoop on their city. So, we polled 6 residents in Fountain to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 33% find it reasonable with decreasing prices, but 67% think it's quite pricey, with prices that continue to rise.
Is Fountain Affordable?
Is Fountain 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 Fountain is 40.2% higher than the national average, while the average monthly rent prices are 58.6% higher than average. The affordability of any location can also be influenced by median income levels. Fountain has a median household income of $68,194, which is 23.3% higher than the national average.
What Factors can Influence the Cost of Living in Fountain?
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 Fountain, healthcare costs are 5.3% higher than the national average.
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 Fountain, the utilities index registers at 1.1% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Fountain, the housing index is 45.7% higher than the national average.
Where is the Data From?
The cost of living data in Fountain 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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