An Overview of Cost of Living in Monfort Heights, OH
Knowing the cost of living in Monfort Heights 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 Monfort Heights stands at 98, marking it 2% lower than the national average.
In Monfort Heights, 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 Monfort Heights will resemble that of an average city, contributing to a manageable cost of living.
Is Monfort Heights Affordable?
Is Monfort Heights 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 Monfort Heights, for instance, where the median home price falls 13.5% lower than the national average, and monthly rent rates are 7.2% lower than usual. Additionally, median income levels contribute to the equation, with Monfort Heights flaunting a median household income of $78,796, 42.4% higher than the national norm.
What Factors can Influence the Cost of Living in Monfort Heights?
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 Monfort Heights, the transportation index is 2.4% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Monfort Heights, the groceries index is 2.4% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Where is the Data From?
The Monfort Heights 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.
Here are the best places to live in Ohio
Check out the 10 safest cities in Ohio
10 best cities to buy a new house in Ohio
10 Best cities in Ohio for employment