An Overview of Cost of Living in Beverly, MA
Knowing the cost of living in Beverly 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 Beverly stands at 149, marking it 49% higher than the national average.
If you prioritize affordability when seeking a new place to live, Beverly may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Beverly falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the Beverly cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 116.8% more than the average city. This includes things like home and rent prices, 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, Beverly goods and services are 21.6% more expensive than the national average, leaving you with less money at the end of the month.
Is Beverly Affordable?
Wondering if Beverly 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 Beverly, for example, the median home price is 150.7% higher than what folks pay nationally, and monthly rent is 37.8% higher than the usual rates. Plus, income levels matter too, with Beverly boasting a median household income of $84,354, which is 52.5% higher than the national average.
What Factors can Influence the Cost of Living in Beverly?
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Beverly, healthcare costs are 12.9% higher than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Beverly comes in at 33.9% higher than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Beverly, the housing index is 116.8% higher than the national average.
Where is the Data From?
The cost of living data in Beverly 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.
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