An Overview of Cost of Living in Grenada, MS
Are you thinking about relocating, but curious about the potential cost of living in Grenada? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Grenada stands at 79, making it 21% 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.
The cost of living in Grenada is highly regarded for its affordability, with everyday expenses well below the national average. Grenada is among the select few cities with a cost of living index at least 20% lower than the national average, showcasing its outstanding affordability compared to other areas.
Grenada housing costs are 41.5% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Grenada residents can earmark a more manageable portion of their income to housing.
Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Grenada, these essential goods and services are priced 14.3% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.
Is Grenada Affordable?
Is Grenada 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 Grenada, for instance, where the median home price falls 46.9% lower than the national average, and monthly rent rates are 29% lower than usual. Additionally, median income levels contribute to the equation, with Grenada flaunting a median household income of $31,322, 43.4% lower than the national norm.
What Factors can Influence the Cost of Living in Grenada?
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 Grenada, the transportation index is 10.8% lower than the national average.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Grenada, the groceries index is 4.5% lower than the national average.
Where is the Data From?
The Grenada cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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