An Overview of Cost of Living in Mount Vernon, NY
Are you thinking about relocating, but curious about the potential cost of living in Mount Vernon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mount Vernon stands at 137, making it 37% 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.
If you're in pursuit of an economical living environment, Mount Vernon may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Mount Vernon falls within this bracket.
Housing costs make up a big chunk of the cost of living in Mount Vernon, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 81.1% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Mount Vernon, you can expect to pay 26.8% more than average for these items, making it a more expensive place to live.
The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Mount Vernon is no exception, where grocery prices are 13.4% above the national average.
Is Mount Vernon Affordable?
Is Mount Vernon 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 Mount Vernon, for instance, where the median home price falls 98.8% higher than the national average, and monthly rent rates are 39.8% higher than usual. Additionally, median income levels contribute to the equation, with Mount Vernon flaunting a median household income of $59,291, 7.2% higher than the national norm.
What Factors can Influence the Cost of Living in Mount Vernon?
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 with fewer subsidy offerings might experience an elevation in their cost of living.
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 Mount Vernon, the groceries index registers 13.4% 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 Mount Vernon, the general sales tax rate starts at 4%, and income tax rates begin at 4%.
Where is the Data From?
The Mount Vernon cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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