An Overview of Cost of Living in Maynard, MA
Understanding the cost of living in Maynard 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 Maynard cost of living index is 136, which is 36% 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.
If you're in pursuit of an economical living environment, Maynard may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Maynard falls within this bracket.
Housing costs make up a big chunk of the cost of living in Maynard, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 74.6% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Maynard, these items will cost you 21.6% more than what's considered the norm, making it a more expensive place to call home.
Is Maynard Affordable?
Is Maynard 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 Maynard, the median home price is 99.1% higher than the national average and monthly rent prices are 17.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Maynard boasting a median household income of $107,891, 95% higher than the national average.
What Factors can Influence the Cost of Living in Maynard?
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Maynard, the healthcare costs are 12.9% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Maynard, the groceries index is 5.3% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Maynard, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 5%.
Where is the Data From?
The cost of living in Maynard, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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