An Overview of Cost of Living in Ardmore, PA
The cost of living in Ardmore affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Ardmore is 126, which is 26% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you're in pursuit of an economical living environment, Ardmore 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, Ardmore falls within this bracket.
Housing costs make up a big chunk of the cost of living in Ardmore, 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 77.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Ardmore Affordable?
Is Ardmore 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 Ardmore is 87.5% higher than the national average, while the average monthly rent prices are 54.8% higher than average. The affordability of any location can also be influenced by median income levels. Ardmore has a median household income of $102,092, which is 84.5% higher than the national average.
What Factors can Influence the Cost of Living in Ardmore?
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 Ardmore, the standard sales tax rate starts at 6%, and the income tax rates commence at 3.07%.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Ardmore, the transportation index is 6.7% higher than the national average.
Where is the Data From?
The cost of living in Ardmore, 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.
Here are the best places to live in Pennsylvania
10 Best cities in Pennsylvania for employment
These are the 10 most affordable cities in Pennsylvania
See the best places to live in & around Ardmore