An Overview of Cost of Living in Haverhill, MA
Are you thinking about relocating, but curious about the potential cost of living in Haverhill? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Haverhill stands at 125, making it 25% 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're in pursuit of an economical living environment, Haverhill may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Haverhill falls within this bracket.
Housing costs make up a big chunk of the cost of living in Haverhill, 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 62.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Haverhill, you you will have to spend 11.4% more than average when compared to the typical prices for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Haverhill?
Locals have the inside scoop on their city. So, we polled 6 residents in Haverhill to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 100% find it reasonable with decreasing prices, but 0% think it's quite pricey, with prices that continue to rise.
Is Haverhill Affordable?
Is Haverhill an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Haverhill, the median home price is 77.8% higher than what most folks pay across the country, and monthly rent prices are 26.9% higher than the usual rates. Income levels in Haverhill come in at $103,387, which is 27.1% higher than the national average.
What Factors can Influence the Cost of Living in Haverhill?
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 Haverhill, the groceries index is 0.5% lower than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Haverhill, the general sales tax rate starts at 6.25%, and income tax rates begin at 5%.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Where is the Data From?
The Haverhill 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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