An Overview of Cost of Living in Williston, ND
Getting a feel for the cost of living in Williston is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Williston is 107, which is 7% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Williston aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Williston residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
Housing costs are a major factor in the Williston cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 24.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Williston?
Locals have the inside scoop on their city. So, we polled 10 residents in Williston to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 40% find it reasonable with decreasing prices, but 60% think it's quite pricey, with prices that continue to rise.
Is Williston Affordable?
Wondering if Williston 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 Williston, for example, the median home price is 32.3% higher than what folks pay nationally, and monthly rent is 6.3% higher than the usual rates. Plus, income levels matter too, with Williston boasting a median household income of $76,873, which is 39% higher than the national average.
What Factors can Influence the Cost of Living in Williston?
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
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 Williston, the transportation index stands at 4.1% higher 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 Williston, the general sales tax rate starts at 5%, and income tax rates begin at 1.1%.
Where is the Data From?
The cost of living data in Williston 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.
Here are the best places to live in North Dakota
10 Best cities in North Dakota for employment
See the best places to live in & around Williston
Check out the 10 safest cities in North Dakota