An Overview of Cost of Living in Marshalltown, IA
The cost of living in Marshalltown 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 Marshalltown is 87, which is 13% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Marshalltown stands out by reporting housing costs that are 41.9% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Marshalltown can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
What Do Locals Say About the Cost of Living in Marshalltown?
The most insightful perspective on a city comes from its residents. We recently surveyed 14 locals to gauge their perception of the cost of living in Marshalltown. The feedback revealed that 71% of respondents found the cost of living to be reasonable, with prices on the decline, while 29% regarded it as notably expensive with prices that continue to rise.
Is Marshalltown Affordable?
Is Marshalltown 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 Marshalltown, the median home price is 49.5% lower than the national average and monthly rent prices are 24.2% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Marshalltown boasting a median household income of $54,778, 1% lower than the national average.
What Factors can Influence the Cost of Living in Marshalltown?
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Marshalltown, healthcare costs are 10.1% higher than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Marshalltown, is 41.9% lower than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Where is the Data From?
The cost of living in Marshalltown, 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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