An Overview of Cost of Living in Medford, OR
Are you thinking about relocating, but curious about the potential cost of living in Medford? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Medford stands at 114, making it 14% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
When it comes to the cost of living in Medford, 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 38.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Medford?
The real experts on a city are its residents. That's why we reached out to 32 locals to get their views on the cost of living in Medford. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 28% found it budget-friendly with decreasing prices, while 72% said it's simply not affordable as prices have continued to rise.
Is Medford Affordable?
Is Medford 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 Medford, for instance, where the median home price falls 50.6% higher than the national average, and monthly rent rates are 10.9% higher than usual. Additionally, median income levels contribute to the equation, with Medford flaunting a median household income of $52,243, 5.6% lower than the national norm.
What Factors can Influence the Cost of Living in Medford?
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Medford, the housing index stands at 38.7% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Medford, the transportation index stands at 6.8% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Medford, the utilities index is 4.4% lower than the national average.
Where is the Data From?
The cost of living data in Medford displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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