An Overview of Cost of Living in Setauket-East Setauket, NY
Are you thinking about relocating, but curious about the potential cost of living in Setauket-East Setauket? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Setauket-East Setauket stands at 146, making it 46% 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.
The cost of living in Setauket-East Setauket is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Setauket-East Setauket falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a very significant part of the Setauket-East Setauket cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 125% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Setauket-East Setauket goods and services are 12.9% more expensive than the national average, leaving you with less money at the end of the month.
Is Setauket-East Setauket Affordable?
Wondering if Setauket-East Setauket is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Setauket-East Setauket, for example, the median home price is 148.3% higher than what folks pay nationally, and monthly rent is 70.5% higher than the usual rates. Plus, income levels matter too, with Setauket-East Setauket boasting a median household income of $131,827, which is 138.3% higher than the national average.
What Factors can Influence the Cost of Living in Setauket-East Setauket?
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Setauket-East Setauket, the groceries index is 5.4% higher than the national average.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
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 Setauket-East Setauket, healthcare costs are 9.9% higher than the national average.
Where is the Data From?
The Setauket-East Setauket 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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