An Overview of Cost of Living in Drexel Hill, PA
The cost of living in Drexel Hill affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Drexel Hill is 103, which is 3% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Everyday expenditures like food, housing, goods and services, transportation and health care in Drexel Hill are priced in a manner consistent with other areas. This means that residents of Drexel Hill can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is Drexel Hill Affordable?
Wondering if Drexel Hill 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 Drexel Hill, for example, the median home price is 2.6% lower than what folks pay nationally, and monthly rent is 14.9% higher than the usual rates. Plus, income levels matter too, with Drexel Hill boasting a median household income of $72,645, which is 31.3% higher than the national average.
What Factors can Influence the Cost of Living in Drexel Hill?
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Drexel Hill, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 3.07%.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Drexel Hill, healthcare costs are 6.5% lower than the national average.
Where is the Data From?
The Drexel Hill 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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