An Overview of Cost of Living in Hawthorne, NJ
Knowing the cost of living in Hawthorne 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 Hawthorne stands at 135, marking it 35% higher than the national average.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Hawthorne is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Hawthorne falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs significantly influence the Hawthorne cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 103.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Hawthorne Affordable?
Is Hawthorne an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Hawthorne, the median home price is 123% higher than what most folks pay across the country, and monthly rent prices are 56.5% higher than the usual rates. Income levels in Hawthorne come in at $103,586, which is 87.2% higher than the national average.
What Factors can Influence the Cost of Living in Hawthorne?
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Hawthorne, the groceries index is 2.1% higher than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Hawthorne comes in at 10.7% 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 Hawthorne, healthcare costs are 4.1% lower than the national average.
Where is the Data From?
The Hawthorne cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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