An Overview of Cost of Living in Rome, NY
Understanding the cost of living in Rome can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Rome cost of living index is 96, which is 4% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
In Rome, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Rome will resemble that of an average city, contributing to a manageable cost of living.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Rome, you can expect to pay 15% more than average for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Rome?
The real experts on a city are its residents. That's why we reached out to 6 locals to get their views on the cost of living in Rome. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 50% found it budget-friendly with decreasing prices, while 50% said it's simply not affordable as prices have continued to rise.
Is Rome Affordable?
Is Rome affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Rome, the median home price is 45.2% lower than the national average and monthly rent prices are 17.9% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Rome boasting a median household income of $51,752, 6.5% lower than the national average.
What Factors can Influence the Cost of Living in Rome?
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Rome, the transportation index stands at 8.9% higher 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.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Rome, healthcare costs are 3.4% higher than the national average.
Where is the Data From?
The Rome cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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