An Overview of Cost of Living in Keene, NH
The cost of living in Keene affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Keene is 112, which is 12% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
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 Keene, these items will cost you 20.2% more than what most folks pay, making it a bit more expensive to live here.
What Do Locals Say About the Cost of Living in Keene?
The most insightful perspective on a city comes from its residents. We recently surveyed 7 locals to gauge their perception of the cost of living in Keene. The feedback revealed that 43% of respondents found the cost of living to be reasonable, with prices on the decline, while 57% regarded it as notably expensive with prices that continue to rise.
Is Keene Affordable?
Is Keene 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 Keene, for instance, where the median home price falls 0.8% higher than the national average, and monthly rent rates are 7.3% higher than usual. Additionally, median income levels contribute to the equation, with Keene flaunting a median household income of $57,393, 3.7% higher than the national norm.
What Factors can Influence the Cost of Living in Keene?
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Keene, the utilities index stands at 31% 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 Keene, healthcare costs are 13.2% higher than the national average.
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 Keene, the standard sales tax rate starts at 0%, and the income tax rates commence at 5%.
Where is the Data From?
The cost of living in Keene, 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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