An Overview of Cost of Living in Poughkeepsie, NY
Are you thinking about relocating, but curious about the potential cost of living in Poughkeepsie? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Poughkeepsie stands at 113, making it 13% 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.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Poughkeepsie, you you will have to spend 12.9% more than average when compared to the typical prices for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Poughkeepsie?
Locals have the inside scoop on their city. So, we polled 7 residents in Poughkeepsie to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 14% find it reasonable with decreasing prices, but 86% think it's quite pricey, with prices that continue to rise.
Is Poughkeepsie Affordable?
Is Poughkeepsie 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 Poughkeepsie is 10.4% higher than the national average, while the average monthly rent prices are 18.8% higher than average. The affordability of any location can also be influenced by median income levels. Poughkeepsie has a median household income of $47,008, which is 15% lower than the national average.
What Factors can Influence the Cost of Living in Poughkeepsie?
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall 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 Poughkeepsie, the general sales tax rate starts at 4%, and income tax rates begin at 4%.
Where is the Data From?
The Poughkeepsie 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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