An Overview of Cost of Living in Leominster, MA
The cost of living in Leominster affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Leominster is 121, which is 21% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you value affordability in your search for a new place to live, Leominster may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Leominster falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a major factor in the Leominster cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 30.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Leominster, these items will cost you 20.2% more than what most folks pay, making it a bit more expensive to live here.
What Do Locals Say About the Cost of Living in Leominster?
The real experts on a city are its residents. That's why we reached out to 5 locals to get their views on the cost of living in Leominster. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 40% found it budget-friendly with decreasing prices, while 60% said it's simply not affordable as prices have continued to rise.
Is Leominster Affordable?
Wondering if Leominster 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 Leominster, for example, the median home price is 41.5% higher than what folks pay nationally, and monthly rent is 6% higher than the usual rates. Plus, income levels matter too, with Leominster boasting a median household income of $63,119, which is 14.1% higher than the national average.
What Factors can Influence the Cost of Living in Leominster?
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Leominster, healthcare costs are 13.2% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Leominster, the housing index is 30.8% higher than the national average.
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 Leominster, the utilities index registers at 31% higher than the national average.
Where is the Data From?
The Leominster 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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