An Overview of Cost of Living in Claremont, NH
Knowing the cost of living in Claremont 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 Claremont stands at 106, marking it 6% higher than the national average.
The cost of living in Claremont 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. Claremont 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.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Claremont, you can expect to pay 20.2% more than average for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Claremont?
Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Claremont and this is how they responded. 50% of people said that the cost of living was affordable, with prices decreasing, while 50% of people said that the cost of living was very expensive and prices continue to rise.
Is Claremont Affordable?
Is Claremont affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Claremont, for instance, where the median home price falls 27.8% lower than the national average, and monthly rent rates are 3.2% higher than usual. Additionally, median income levels contribute to the equation, with Claremont flaunting a median household income of $46,848, 15.3% lower than the national norm.
What Factors can Influence the Cost of Living in Claremont?
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 Claremont, the transportation index is 9.9% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Claremont, the housing index is 18.5% lower than the national average.
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 Claremont, healthcare costs are 13.2% higher than the national average.
Where is the Data From?
The Claremont 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.
Here are the best places to live in New Hampshire
Top 10 best public schools in Claremont
Top 10 cities in New Hampshire with the best education system
10 Best cities in New Hampshire for employment