An Overview of Cost of Living in Plainview, NY
Are you thinking about relocating, but curious about the potential cost of living in Plainview? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Plainview stands at 167, making it 67% higher 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.
If you prioritize affordability when seeking a new place to live, Plainview may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Plainview falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Plainview cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 193.2%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Plainview goods and services are 12.9% more expensive than the national average, leaving you with less money at the end of the month.
Is Plainview Affordable?
Is Plainview 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 Plainview is 231.5% higher than the national average, while the average monthly rent prices are 103.7% higher than average. The affordability of any location can also be influenced by median income levels. Plainview has a median household income of $156,622, which is 183.1% higher than the national average.
What Factors can Influence the Cost of Living in Plainview?
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 Plainview, healthcare costs are 9.9% higher than the national average.
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 Plainview, the general sales tax rate starts at 4%, and income tax rates begin at 4%.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Plainview, the housing index comes in at 193.2% higher than the national average.
Where is the Data From?
The cost of living in Plainview, 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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