An Overview of Cost of Living in Waltham, MA
Are you thinking about relocating, but curious about the potential cost of living in Waltham? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Waltham stands at 166, making it 66% 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.
If you're in pursuit of an economical living environment, Waltham 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, Waltham falls within this bracket.
When it comes to the cost of living in Waltham, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 173.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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, Waltham goods and services are 21.6% more expensive than the national average, leaving you with less money at the end of the month.
Is Waltham Affordable?
Is Waltham 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 Waltham is 210.8% higher than the national average, while the average monthly rent prices are 86.9% higher than average. The affordability of any location can also be influenced by median income levels. Waltham has a median household income of $95,851, which is 73.3% higher than the national average.
What Factors can Influence the Cost of Living in Waltham?
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Waltham, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 5%.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Waltham, the utilities index stands at 33.9% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Waltham, the housing index is 173.6% higher than the national average.
Where is the Data From?
The cost of living in Waltham, 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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