F
29%
Overall NAT. AVG.
20%
Goods & Services NAT. AVG.
60%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Haverhill Massachusetts National
Cost of living129133100
Goods & Services120122100
Groceries102105100
Health care113113100
Housing160165100
Transportation110118100
Utilities131134100

An Overview of Cost of Living in Haverhill, MA

Knowing the cost of living in Haverhill 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 Haverhill stands at 129, marking it 29% higher than the national average.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Haverhill is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Haverhill falls into this category, which may not align with your goal of finding a budget-friendly living environment.

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 59.7% 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 20.2% 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 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 Haverhill, for instance, where the median home price falls 72.9% higher than the national average, and monthly rent rates are 28.8% higher than usual. Additionally, median income levels contribute to the equation, with Haverhill flaunting a median household income of $69,237, 25.2% higher than the national norm.

What Factors can Influence the Cost of Living in Haverhill?

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 Haverhill, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 5%.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

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 Haverhill, the utilities index is 31% higher than the national average.

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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Haverhill is 3% lower than the Massachusetts average
  • The cost of living in Haverhill is 29% higher than the national average
  • Haverhill housing is 60% higher than the national average
  • Massachusetts general sales tax is 22% higher than the national average
  • Massachusetts state income tax is 93% higher than the national average

Most Affordable Places to Live in and Around Haverhill

See all the best places to live around Haverhill

Compare Haverhill, MA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$96,051$8,004$2,241$2,882
      Renters$43,525$3,627$1,016$1,306
      A good indicator of the general affordability of housing in Haverhill, MA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Haverhill, the median monthly income is $96,051 for those who own their own homes. Under the standard rule, that income level would allow for $2,241 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $43,525, per the median income in the area. That would allow for renters to spend up to $1,016 on monthly rental expenses.

      Massachusetts Sales Tax

      State General Sales Tax With Max Surtax
      Massachusetts 6.25% 6.25%

      Massachusetts Income Tax

      State Income Tax (Low) Income Tax (High)
      Massachusetts 5% 9%

      Goods & Services

      Item Haverhill National avg. Difference
      Haircut $26.58$24.269.6%
      Beauty Salon $67.97$45.5649.2%
      Toothpaste $3.73$3.700.8%
      Shampoo $1.25$1.282.1%
      Movie $13.07$12.137.7%
      Bowling $25.44$18.0041.4%

      Groceries

      Item Haverhill National avg. Difference
      Ground Beef $5.47$5.846.3%
      Fried Chicken $1.44$1.578.5%
      Milk $4.75$4.671.6%
      Potatoes $5.01$4.931.5%
      Pizza $11.66$12.093.6%
      Beer $9.82$10.415.7%

      Health Care

      Item Haverhill National avg. Difference
      Optometrist $115.00$125.688.5%
      Doctor $164.00$135.7820.8%
      Dentist $136.17$113.2920.2%
      Ibuprofen $11.01$10.653.4%
      Lipitor $483.35$468.603.1%

      Housing

      Item Haverhill National avg. Difference
      Home Price $319,400.00$184,700.0072.9%
      Avg. Mortgage Payment $2,281.44$2,346.692.8%
      Apartment Rent $1,222.00$949.0028.8%

      Transportation

      Item Haverhill National avg. Difference
      Gasoline $3.33$3.463.9%
      Tire Balancing $86.00$59.9243.5%

      Utilities

      Item Haverhill National avg. Difference
      All Electricity $294.40$193.9951.8%
      Phone $186.72$192.252.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Derry, NH22,89112120.8%
      Exeter, NH9,34912121.0%
      Lawrence, MA80,02212726.7%
      Lowell, MA111,31112827.6%
      Hampton Beach, NH2,48513231.9%
      Haverhill, MA63,78312929.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Port Orange, FL63,8151033.1%
      Fredericton, NB63,818n/a 
      Dundalk, MD63,8261021.7%
      Lorain, OH63,8328415.5%
      Dublin, CA63,856217116.6%
      Haverhill, MA63,78312929.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.