An Overview of Cost of Living in Jackson, WY
Understanding the cost of living in Jackson 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 Jackson cost of living index is 170, which is 70% 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 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 Jackson 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, Jackson falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs significantly influence the Jackson cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 214%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
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 Jackson, you you will have to spend 18.1% 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 Jackson?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 9 locals to understand their opinions on the cost of living in Jackson. The results indicated that 0% found it reasonably priced with decreasing prices of goods and services, while 100% viewed it as quite expensive, with increasing prices.
Is Jackson Affordable?
Is Jackson 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 Jackson, for instance, where the median home price falls 280.5% higher than the national average, and monthly rent rates are 59% higher than usual. Additionally, median income levels contribute to the equation, with Jackson flaunting a median household income of $76,518, 38.3% higher than the national norm.
What Factors can Influence the Cost of Living in Jackson?
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 Jackson, the utilities index is 7.2% lower than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Jackson, the groceries index is 6.8% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Jackson, the prevailing sales tax rate starts at 4%, and income tax rates kick off at 0%.
Where is the Data From?
The cost of living in Jackson, 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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