An Overview of Cost of Living in Oxford, MS
Getting a feel for the cost of living in Oxford is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Oxford is 101, which is 1% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Oxford aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Oxford residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
Housing costs are a very significant part of the Oxford cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 33.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Oxford, these goods are 14.3% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.
What Do Locals Say About the Cost of Living in Oxford?
Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Oxford and this is how they responded. 33% of people said that the cost of living was affordable, with prices decreasing, while 67% of people said that the cost of living was very expensive and prices continue to rise.
Is Oxford Affordable?
Is Oxford 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 Oxford, for instance, where the median home price falls 46.2% higher than the national average, and monthly rent rates are 2.5% higher than usual. Additionally, median income levels contribute to the equation, with Oxford flaunting a median household income of $48,566, 12.2% lower than the national norm.
What Factors can Influence the Cost of Living in Oxford?
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Oxford, the healthcare costs are 14.4% lower than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Oxford, the general sales tax rate starts at 7%, and income tax rates begin at 0%.
Where is the Data From?
The Oxford 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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