An Overview of Cost of Living in Cranston, RI
Understanding the cost of living in Cranston 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 Cranston cost of living index is 116, which is 16% higher 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.
Housing costs make up a big chunk of the cost of living in Cranston, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 32.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Cranston, these items will cost you 15.3% more than what's considered the norm, making it a more expensive place to call home.
Is Cranston Affordable?
Wondering if Cranston 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 Cranston, for example, the median home price is 39.4% higher than what folks pay nationally, and monthly rent is 16.6% higher than the usual rates. Plus, income levels matter too, with Cranston boasting a median household income of $74,425, which is 34.5% higher than the national average.
What Factors can Influence the Cost of Living in Cranston?
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Cranston, the groceries index registers 1.7% higher than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable 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 Cranston, the transportation index is 7.5% lower than the national average.
Where is the Data From?
The cost of living data in Cranston 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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