An Overview of Cost of Living in Sherwood, OR
Knowing the cost of living in Sherwood allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Sherwood stands at 140, marking it 40% higher than the national average.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Sherwood is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Sherwood falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a very significant part of the Sherwood 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 112.5% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
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, Sherwood does not fare better, with grocery expenses coming in at 10.5% higher than the national average.
What Do Locals Say About the Cost of Living in Sherwood?
The most insightful perspective on a city comes from its residents. We recently surveyed 9 locals to gauge their perception of the cost of living in Sherwood. The feedback revealed that 44% of respondents found the cost of living to be reasonable, with prices on the decline, while 56% regarded it as notably expensive with prices that continue to rise.
Is Sherwood Affordable?
Is Sherwood 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 Sherwood is 130.9% higher than the national average, while the average monthly rent prices are 69.8% higher than average. The affordability of any location can also be influenced by median income levels. Sherwood has a median household income of $107,537, which is 94.4% higher than the national average.
What Factors can Influence the Cost of Living in Sherwood?
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Sherwood, healthcare costs are 9.6% higher than the national average.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Sherwood, the utilities index registers 3.8% lower than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Sherwood, the general sales tax rate starts at 0%, and income tax rates begin at 4.75%.
Where is the Data From?
The Sherwood 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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