An Overview of Cost of Living in Mount Juliet, TN
Are you thinking about relocating, but curious about the potential cost of living in Mount Juliet? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mount Juliet stands at 115, making it 15% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Housing costs are a very significant part of the Mount Juliet cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 58.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Mount Juliet Affordable?
Is Mount Juliet 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 Mount Juliet, the median home price is 56.2% higher than the national average and monthly rent prices are 64.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Mount Juliet boasting a median household income of $93,096, 68.3% higher than the national average.
What Factors can Influence the Cost of Living in Mount Juliet?
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 Mount Juliet, the utilities index registers at 2.1% higher than the national average.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Mount Juliet, the groceries index is 0.1% 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 Mount Juliet, the transportation index stands at 8.2% lower than the national average.
Where is the Data From?
The cost of living data in Mount Juliet displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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