An Overview of Cost of Living in Butte-Silver Bow, MT
Getting a feel for the cost of living in Butte-Silver Bow 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 Butte-Silver Bow is 100, which is 0% equal to 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.
The cost of living in Butte-Silver Bow aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Butte-Silver Bow residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
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, Butte-Silver Bow goods and services are 18.1% more expensive than the national average, leaving you with less money at the end of the month.
Is Butte-Silver Bow Affordable?
Is Butte-Silver Bow affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Butte-Silver Bow, the median home price is 15.3% lower than the national average and monthly rent prices are 28.6% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Butte-Silver Bow boasting a median household income of $49,659, 10.2% lower than the national average.
What Factors can Influence the Cost of Living in Butte-Silver Bow?
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 Butte-Silver Bow, the housing index comes in at 19.3% lower than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Butte-Silver Bow, the transportation index is 0.4% lower than the national average.
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 Butte-Silver Bow, the groceries index is 6.8% higher than the national average.
Where is the Data From?
The cost of living in Butte-Silver Bow, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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