An Overview of Cost of Living in Davenport, IA
Knowing the cost of living in Davenport 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 Davenport stands at 92, marking it 8% lower than the national average.
The cost of living in Davenport 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. Davenport 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.
What Do Locals Say About the Cost of Living in Davenport?
The real experts on a city are its residents. That's why we reached out to 13 locals to get their views on the cost of living in Davenport. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 77% found it budget-friendly with decreasing prices, while 23% said it's simply not affordable as prices have continued to rise.
Is Davenport Affordable?
Is Davenport 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 Davenport, for instance, where the median home price falls 26.8% lower than the national average, and monthly rent rates are 17.2% lower than usual. Additionally, median income levels contribute to the equation, with Davenport flaunting a median household income of $53,140, 3.9% lower than the national norm.
What Factors can Influence the Cost of Living in Davenport?
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Davenport, the utilities index registers 13.9% lower than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Davenport, the standard sales tax rate starts at 6%, and the income tax rates commence at 0.33%.
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 Davenport, healthcare costs are 5.6% lower than the national average.
Where is the Data From?
The cost of living data in Davenport 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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