An Overview of Cost of Living in Holbrook, NY
Knowing the cost of living in Holbrook 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 Holbrook stands at 142, marking it 42% 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 Holbrook 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, Holbrook falls into this category, which may not align with your goal of finding a budget-friendly living environment.
When it comes to the cost of living in Holbrook, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 111.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Holbrook, these items will cost you 12.9% more than what most folks pay, making it a bit more expensive to live here.
Is Holbrook Affordable?
Is Holbrook 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 Holbrook, for instance, where the median home price falls 115.2% higher than the national average, and monthly rent rates are 102.1% higher than usual. Additionally, median income levels contribute to the equation, with Holbrook flaunting a median household income of $111,250, 101.1% higher than the national norm.
What Factors can Influence the Cost of Living in Holbrook?
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 Holbrook, healthcare costs are 9.9% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Holbrook, the groceries index registers 5.4% higher 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 Holbrook, the general sales tax rate starts at 4%, and income tax rates begin at 4%.
Where is the Data From?
The cost of living in Holbrook, 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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