An Overview of Cost of Living in Kentwood, MI
Are you thinking about relocating, but curious about the potential cost of living in Kentwood? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Kentwood stands at 94, making it 6% lower than 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.
In Kentwood, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Kentwood will resemble that of an average city, contributing to a manageable cost of living.
Is Kentwood Affordable?
Is Kentwood 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 Kentwood, the median home price is 8.1% lower than what most folks pay across the country, and monthly rent prices are 1.9% higher than the usual rates. Income levels in Kentwood come in at $55,046, which is 0.5% lower than the national average.
What Factors can Influence the Cost of Living in Kentwood?
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Kentwood, healthcare costs are 6.2% lower than the national average.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Kentwood, the utilities index registers 2.3% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Kentwood, the groceries index is 5.3% lower than the national average.
Where is the Data From?
The Kentwood 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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