An Overview of Cost of Living in Rose Hill, VA
The cost of living in Rose Hill affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Rose Hill is 151, which is 51% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you're in pursuit of an economical living environment, Rose Hill may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Rose Hill falls within this bracket.
Housing costs make up a big chunk of the cost of living in Rose Hill, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 148.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
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 Rose Hill, you can expect to pay 10.2% more than average for these items, making it a more expensive place to live.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Rose Hill does not fare better, with grocery expenses coming in at 12.6% higher than the national average.
Is Rose Hill Affordable?
Is Rose Hill 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 Rose Hill, for instance, where the median home price falls 172.4% higher than the national average, and monthly rent rates are 92.7% higher than usual. Additionally, median income levels contribute to the equation, with Rose Hill flaunting a median household income of $131,389, 137.5% higher than the national norm.
What Factors can Influence the Cost of Living in Rose Hill?
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 Rose Hill, healthcare costs are 9.3% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Rose Hill, the utilities index is 0.8% higher than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Rose Hill, the baseline sales tax rate begins at 5.3%, and income tax rates start at 2%.
Where is the Data From?
The cost of living data in Rose Hill displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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