An Overview of Cost of Living in Bellefontaine Neighbors, MO
The cost of living in Bellefontaine Neighbors 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 Bellefontaine Neighbors is 82, which is 18% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Bellefontaine Neighbors distinguishes itself by reporting housing expenses that are 44.8% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Bellefontaine Neighbors can allocate more of their income to housing, enhancing their financial flexibility.
Is Bellefontaine Neighbors Affordable?
Is Bellefontaine Neighbors an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Bellefontaine Neighbors, the median home price is 65.9% lower than what most folks pay across the country, and monthly rent prices are 4.4% higher than the usual rates. Income levels in Bellefontaine Neighbors come in at $41,815, which is 24.4% lower than the national average.
What Factors can Influence the Cost of Living in Bellefontaine Neighbors?
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 Bellefontaine Neighbors, the transportation index is 6.5% lower than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Bellefontaine Neighbors, healthcare costs are 11.3% lower 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 Bellefontaine Neighbors, the general sales tax rate starts at 4.225%, and income tax rates begin at 1.5%.
Where is the Data From?
The Bellefontaine Neighbors 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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