An Overview of Cost of Living in Nashua, NH
Are you thinking about relocating, but curious about the potential cost of living in Nashua? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Nashua stands at 126, making it 26% 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 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 Nashua 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, Nashua falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a major factor in the Nashua cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 47.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Nashua, these items will cost you 20.2% more than what's considered the norm, making it a more expensive place to call home.
What Do Locals Say About the Cost of Living in Nashua?
Nobody knows their city better than the people who actually live there. So, we asked 12 local residents how they would rate the cost of living in Nashua and this is how they responded. 17% of people said that the cost of living was affordable, with prices decreasing, while 83% of people said that the cost of living was very expensive and prices continue to rise.
Is Nashua Affordable?
Is Nashua 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 Nashua, the median home price is 51.5% higher than the national average and monthly rent prices are 37.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Nashua boasting a median household income of $73,785, 33.4% higher than the national average.
What Factors can Influence the Cost of Living in Nashua?
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Nashua, healthcare costs are 13.2% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Nashua, the transportation index is 9.9% higher than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Nashua, the baseline sales tax rate begins at 0%, and income tax rates start at 5%.
Where is the Data From?
The Nashua 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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