An Overview of Cost of Living in Nanticoke, PA
Are you thinking about relocating, but curious about the potential cost of living in Nanticoke? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Nanticoke stands at 85, making it 15% lower 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.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Nanticoke stands out by reporting housing costs that are 48.7% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Nanticoke can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
Is Nanticoke Affordable?
Is Nanticoke an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Nanticoke, the median home price is 56.3% lower than what most folks pay across the country, and monthly rent prices are 30.9% lower than the usual rates. Income levels in Nanticoke come in at $45,310, which is 18.1% lower than the national average.
What Factors can Influence the Cost of Living in Nanticoke?
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Nanticoke, the transportation index is 8.4% higher 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 Nanticoke, healthcare costs are 9.4% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Nanticoke, the housing index is 48.7% lower than the national average.
Where is the Data From?
The Nanticoke 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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