An Overview of Cost of Living in Arlington, MA
Knowing the cost of living in Arlington 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 Arlington stands at 179, marking it 79% higher than the national average.
The cost of living in Arlington is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Arlington falls into this category, which may not be suitable for those seeking an economically favorable living environment.
When it comes to the cost of living in Arlington, 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 219.9% 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, Arlington goods and services are 16.7% more expensive than the national average, leaving you with less money at the end of the month.
What Do Locals Say About the Cost of Living in Arlington?
The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in Arlington. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 11% found it budget-friendly with decreasing prices, while 89% said it's simply not affordable as prices have continued to rise.
Is Arlington Affordable?
Wondering if Arlington 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 Arlington, for example, the median home price is 277% higher than what folks pay nationally, and monthly rent is 86.7% higher than the usual rates. Plus, income levels matter too, with Arlington boasting a median household income of $168,312, which is 106.9% higher than the national average.
What Factors can Influence the Cost of Living in Arlington?
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Arlington, the transportation index is 4.8% higher than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Where is the Data From?
The Arlington 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.
Here are the best places to live in Massachusetts
Most Dangerous Cities In The US
These are the largest cities in Massachusetts
Check out the 10 safest cities in Massachusetts