An Overview of Cost of Living in New Kingman-Butler, AZ
Are you thinking about relocating, but curious about the potential cost of living in New Kingman-Butler? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in New Kingman-Butler stands at 78, making it 22% 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.
As per the most recent annual cost of living index, New Kingman-Butler stands out as one of the most economical places to call home in the entire country. A mere few cities can claim a cost of living index that is at least 20% less than the national average, and New Kingman-Butler proudly belongs to this select category. This emphasizes the extraordinary affordability of this locality when compared with other areas.
Housing expenses often consume a significant portion of your net income, occasionally surpassing 30%. Fortunately, housing costs in New Kingman-Butler are 47.4% below the national average. This highlights the region's exceptional affordability for both homeownership and rentals in comparison to the rest of the country. This favorable housing situation allows residents to allocate a more reasonable fraction of their income to housing, resulting in enhanced financial flexibility and improved overall financial well-being.
Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in New Kingman-Butler, these essential goods and services are priced 17.4% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.
Is New Kingman-Butler Affordable?
Is New Kingman-Butler an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in New Kingman-Butler is 59.8% lower than the national average, while the average monthly rent prices are 18.3% lower than average. The affordability of any location can also be influenced by median income levels. New Kingman-Butler has a median household income of $36,169, which is 34.6% lower than the national average.
What Factors can Influence the Cost of Living in New Kingman-Butler?
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In New Kingman-Butler, healthcare costs are 7.7% lower than the national average.
Where is the Data From?
The cost of living in New Kingman-Butler, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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