An Overview of Cost of Living in Taylorsville, UT
Knowing the cost of living in Taylorsville 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 Taylorsville stands at 113, marking it 13% higher than the national average.
Housing costs make up a big chunk of the cost of living in Taylorsville, 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 35.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Taylorsville Affordable?
Is Taylorsville 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 Taylorsville, for instance, where the median home price falls 42.8% higher than the national average, and monthly rent rates are 17.9% higher than usual. Additionally, median income levels contribute to the equation, with Taylorsville flaunting a median household income of $67,249, 21.6% higher than the national norm.
What Factors can Influence the Cost of Living in Taylorsville?
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 Taylorsville, healthcare costs are 3.8% lower than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Taylorsville, the prevailing sales tax rate starts at 6.1%, and income tax rates kick off at 4.85%.
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 Taylorsville, the transportation index stands at 10% higher than the national average.
Where is the Data From?
The cost of living data in Taylorsville 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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