An Overview of Cost of Living in Clovis, NM
Are you thinking about relocating, but curious about the potential cost of living in Clovis? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Clovis stands at 90, making it 10% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
What Do Locals Say About the Cost of Living in Clovis?
The real experts on a city are its residents. That's why we reached out to 6 locals to get their views on the cost of living in Clovis. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 33% found it budget-friendly with decreasing prices, while 67% said it's simply not affordable as prices have continued to rise.
Is Clovis Affordable?
Is Clovis an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Clovis, the median home price is 28.4% lower than what most folks pay across the country, and monthly rent prices are 8.6% lower than the usual rates. Income levels in Clovis come in at $47,794, which is 13.6% lower than the national average.
What Factors can Influence the Cost of Living in Clovis?
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Clovis, is 22.5% lower than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Clovis, healthcare costs are 9.2% lower than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Clovis, the general sales tax rate starts at 5%, and income tax rates begin at 1.7%.
Where is the Data From?
The Clovis 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.
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