An Overview of Cost of Living in Kiryas Joel, NY
Understanding the cost of living in Kiryas Joel 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 Kiryas Joel cost of living index is 151, which is 51% 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 Kiryas Joel 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, Kiryas Joel 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 Kiryas Joel, 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 140.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Kiryas Joel, you can expect to pay 12.9% more than average for these items, making it a more expensive place to live.
Is Kiryas Joel Affordable?
Is Kiryas Joel affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Kiryas Joel, the median home price is 187.3% higher than the national average and monthly rent prices are 31.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Kiryas Joel boasting a median household income of $35,437, 35.9% lower than the national average.
What Factors can Influence the Cost of Living in Kiryas Joel?
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Kiryas Joel, the standard sales tax rate starts at 4%, and the income tax rates commence at 4%.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Kiryas Joel, the housing index comes in at 140.5% higher 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 Kiryas Joel, the utilities index registers 31.4% higher than the national average.
Where is the Data From?
The Kiryas Joel 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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