An Overview of Cost of Living in Burlington, VT
Getting a feel for the cost of living in Burlington is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Burlington is 124, which is 24% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If you value affordability in your search for a new place to live, Burlington may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Burlington falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs significantly influence the Burlington cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 58.8%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
What Do Locals Say About the Cost of Living in Burlington?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 10 locals to understand their opinions on the cost of living in Burlington. The results indicated that 60% found it reasonably priced with decreasing prices of goods and services, while 40% viewed it as quite expensive, with increasing prices.
Is Burlington Affordable?
Wondering if Burlington 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 Burlington, for example, the median home price is 69% higher than what folks pay nationally, and monthly rent is 34.8% higher than the usual rates. Plus, income levels matter too, with Burlington boasting a median household income of $55,461, which is 0.3% higher than the national average.
What Factors can Influence the Cost of Living in Burlington?
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Burlington, the housing index comes in at 58.8% higher than the national average.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 with fewer subsidy offerings might experience an elevation in their cost of living.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Burlington, the groceries index is 4.8% higher than the national average.
Where is the Data From?
The cost of living data in Burlington 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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