An Overview of Cost of Living in Neosho, MO
Are you thinking about relocating, but curious about the potential cost of living in Neosho? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Neosho stands at 84, making it 16% 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.
Is Neosho Affordable?
Is Neosho 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 Neosho, for instance, where the median home price falls 45.7% lower than the national average, and monthly rent rates are 25.3% lower than usual. Additionally, median income levels contribute to the equation, with Neosho flaunting a median household income of $43,925, 20.6% lower than the national norm.
What Factors can Influence the Cost of Living in Neosho?
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Neosho, the standard sales tax rate starts at 4.225%, and the income tax rates commence at 1.5%.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Neosho, the transportation index is 7.5% lower than the national average.
Where is the Data From?
The Neosho 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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