An Overview of Cost of Living in Burlington, IA
Understanding the cost of living in Burlington can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Burlington cost of living index is 88, which is 12% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
What Do Locals Say About the Cost of Living in Burlington?
The real experts on a city are its residents. That's why we reached out to 50 locals to get their views on the cost of living in Burlington. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 72% found it budget-friendly with decreasing prices, while 28% said it's simply not affordable as prices have continued to rise.
Is Burlington Affordable?
Is Burlington 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 Burlington is 49.1% lower than the national average, while the average monthly rent prices are 13% lower than average. The affordability of any location can also be influenced by median income levels. Burlington has a median household income of $46,707, which is 15.6% lower than the national average.
What Factors can Influence the Cost of Living in Burlington?
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.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Burlington, the transportation index is 0.4% lower than the national average.
Where is the Data From?
The Burlington 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.
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