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.