An Overview of Cost of Living in Quincy, IL
Are you thinking about relocating, but curious about the potential cost of living in Quincy? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Quincy stands at 89, making it 11% 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 Quincy Affordable?
Is Quincy 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 Quincy, for instance, where the median home price falls 35.7% lower than the national average, and monthly rent rates are 27.5% lower than usual. Additionally, median income levels contribute to the equation, with Quincy flaunting a median household income of $46,935, 15.2% lower than the national norm.
What Factors can Influence the Cost of Living in Quincy?
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.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Quincy, the transportation index is 0.4% lower than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Quincy, the groceries index is 5.2% lower than the national average.
Where is the Data From?
The Quincy 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.
Here are the best places to live in Illinois
10 Best cities in Illinois for employment
Top 10 best public schools in Quincy
Top 10 cities in Illinois with the best education system