An Overview of Cost of Living in Garfield Heights, OH
Knowing the cost of living in Garfield Heights allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Garfield Heights stands at 85, marking it 15% lower than the national average.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Garfield Heights stands out by reporting housing costs that are 41.8% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Garfield Heights can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
What Do Locals Say About the Cost of Living in Garfield Heights?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 6 locals to understand their opinions on the cost of living in Garfield Heights. The results indicated that 83% found it reasonably priced with decreasing prices of goods and services, while 17% viewed it as quite expensive, with increasing prices.
Is Garfield Heights Affordable?
Wondering if Garfield Heights 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 Garfield Heights, for example, the median home price is 59.2% lower than what folks pay nationally, and monthly rent is 1.3% lower than the usual rates. Plus, income levels matter too, with Garfield Heights boasting a median household income of $43,901, which is 20.6% lower than the national average.
What Factors can Influence the Cost of Living in Garfield Heights?
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Garfield Heights, the groceries index is 1.1% 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 Garfield Heights, the utilities index registers at 2.8% higher than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Garfield Heights, is 41.8% lower than the national average.
Where is the Data From?
The Garfield Heights 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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