An Overview of Cost of Living in Englewood, CO
Are you thinking about relocating, but curious about the potential cost of living in Englewood? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Englewood stands at 126, making it 26% higher 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.
If you value affordability in your search for a new place to live, Englewood may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Englewood falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a very significant part of the Englewood cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 82.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Englewood?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 7 locals to understand their opinions on the cost of living in Englewood. The results indicated that 14% found it reasonably priced with decreasing prices of goods and services, while 86% viewed it as quite expensive, with increasing prices.
Is Englewood Affordable?
Wondering if Englewood 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 Englewood, for example, the median home price is 105.4% higher than what folks pay nationally, and monthly rent is 29% higher than the usual rates. Plus, income levels matter too, with Englewood boasting a median household income of $66,399, which is 20% higher than the national average.
What Factors can Influence the Cost of Living in Englewood?
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 Englewood, the standard sales tax rate starts at 2.9%, and the income tax rates commence at 4.4%.
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 Englewood, the transportation index is 4.2% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Englewood, the utilities index is 15% lower than the national average.
Where is the Data From?
The cost of living data in Englewood 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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