An Overview of Cost of Living in Laurel, MS
Understanding the cost of living in Laurel 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 Laurel cost of living index is 84, which is 16% lower 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.
Laurel housing costs are 42.5% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Laurel residents can earmark a more manageable portion of their income to housing.
What Do Locals Say About the Cost of Living in Laurel?
The real experts on a city are its residents. That's why we reached out to 8 locals to get their views on the cost of living in Laurel. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 38% found it budget-friendly with decreasing prices, while 63% said it's simply not affordable as prices have continued to rise.
Is Laurel Affordable?
Wondering if Laurel 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 Laurel, for example, the median home price is 49.5% lower than what folks pay nationally, and monthly rent is 25.9% lower than the usual rates. Plus, income levels matter too, with Laurel boasting a median household income of $34,114, which is 38.3% lower than the national average.
What Factors can Influence the Cost of Living in Laurel?
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 Laurel, the utilities index registers at 10.7% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Laurel, the housing index is 42.5% lower than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Laurel, the groceries index registers 3.2% lower than the national average.
Where is the Data From?
The Laurel 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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