An Overview of Cost of Living in Hicksville, NY
Understanding the cost of living in Hicksville can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Hicksville cost of living index is 154, which is 54% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, Hicksville may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Hicksville falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Hicksville, 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 149.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Hicksville, you can expect to pay 12.9% more than average for these items, making it a more expensive place to live.
Is Hicksville Affordable?
Is Hicksville affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Hicksville, the median home price is 160% higher than the national average and monthly rent prices are 125.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hicksville boasting a median household income of $119,190, 115.4% higher than the national average.
What Factors can Influence the Cost of Living in Hicksville?
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Hicksville, the utilities index registers at 31.4% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Hicksville, the transportation index stands at 1.8% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Hicksville, healthcare costs are 9.9% higher than the national average.
Where is the Data From?
The cost of living in Hicksville, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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