An Overview of Cost of Living in Russellville, AR
Are you thinking about relocating, but curious about the potential cost of living in Russellville? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Russellville stands at 82, making it 18% 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.
Everyday essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in Russellville, these goods and services come in at 17% less than the national average. This means you can enjoy the things you need and love without breaking the bank. With such savings, you have the opportunity to allocate more funds towards your savings or other financial goals, ultimately enhancing your financial well-being.
What Do Locals Say About the Cost of Living in Russellville?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 8 locals to understand their opinions on the cost of living in Russellville. The results indicated that 38% found it reasonably priced with decreasing prices of goods and services, while 63% viewed it as quite expensive, with increasing prices.
Is Russellville Affordable?
Is Russellville 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 Russellville is 27.9% lower than the national average, while the average monthly rent prices are 26.8% lower than average. The affordability of any location can also be influenced by median income levels. Russellville has a median household income of $37,436, which is 32.3% lower than the national average.
What Factors can Influence the Cost of Living in Russellville?
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Russellville, the utilities index registers at 11.4% lower than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Russellville, the groceries index registers 4.5% lower than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Russellville, the transportation index is 13% lower than the national average.
Where is the Data From?
The cost of living in Russellville, 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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