An Overview of Cost of Living in McPherson, KS
Knowing the cost of living in McPherson allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in McPherson stands at 91, marking it 9% lower than the national average.
In McPherson, 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 McPherson will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in McPherson?
Locals have the inside scoop on their city. So, we polled 6 residents in McPherson to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 50% find it reasonable with decreasing prices, but 50% think it's quite pricey, with prices that continue to rise.
Is McPherson Affordable?
Is McPherson affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take McPherson, for instance, where the median home price falls 21.4% lower than the national average, and monthly rent rates are 19.6% lower than usual. Additionally, median income levels contribute to the equation, with McPherson flaunting a median household income of $57,931, 4.7% higher than the national norm.
What Factors can Influence the Cost of Living in McPherson?
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 McPherson, the housing index comes in at 20.9% lower than the national average.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In McPherson, the transportation index is 13.6% lower than the national average.
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 McPherson, healthcare costs are 3.8% higher than the national average.
Where is the Data From?
The McPherson 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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