An Overview of Cost of Living in Holbrook, MA
Understanding the cost of living in Holbrook 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 Holbrook cost of living index is 131, which is 31% 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.
The cost of living in Holbrook is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Holbrook falls into this category, which may not be suitable for those seeking an economically favorable living environment.
When it comes to the cost of living in Holbrook, 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 57.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Holbrook goods and services are 21.6% more expensive than the national average, leaving you with less money at the end of the month.
Is Holbrook Affordable?
Is Holbrook affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Holbrook, for instance, where the median home price falls 81.8% higher than the national average, and monthly rent rates are 0.5% lower than usual. Additionally, median income levels contribute to the equation, with Holbrook flaunting a median household income of $79,718, 44.1% higher than the national norm.
What Factors can Influence the Cost of Living in Holbrook?
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 Holbrook, healthcare costs are 12.9% higher than the national average.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Holbrook, the transportation index is 17.5% higher than the national average.
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 Holbrook, the groceries index is 5.3% higher than the national average.
Where is the Data From?
The Holbrook 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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