An Overview of Cost of Living in Oxon Hill, MD
Knowing the cost of living in Oxon Hill allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Oxon Hill stands at 122, marking it 22% higher than the national average.
The cost of living in Oxon Hill is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Oxon Hill falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a major factor in the Oxon Hill 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 50.3% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Oxon Hill, you you will have to spend 10.2% more than average when compared to the typical prices for these items, making it a more expensive place to live.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Oxon Hill, the news isn't any better as grocery prices are 12.6% higher than the national average.
Is Oxon Hill Affordable?
Is Oxon Hill 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 Oxon Hill, for instance, where the median home price falls 47.4% higher than the national average, and monthly rent rates are 56.9% higher than usual. Additionally, median income levels contribute to the equation, with Oxon Hill flaunting a median household income of $88,718, 60.4% higher than the national norm.
What Factors can Influence the Cost of Living in Oxon Hill?
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Oxon Hill, the transportation index is 10.7% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Oxon Hill, the groceries index is 12.6% higher than the national average.
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 Oxon Hill, healthcare costs are 9.3% higher than the national average.
Where is the Data From?
The cost of living data in Oxon Hill 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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