B-
7%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
6%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Palmer Town Massachusetts National
Cost of living107133100
Goods & Services108122100
Groceries101105100
Health care103113100
Housing106165100
Transportation96118100
Utilities127134100

An Overview of Cost of Living in Palmer Town, MA

Understanding the cost of living in Palmer Town can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Palmer Town cost of living index is 107, which is 7% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Everyday expenditures like food, housing, goods and services, transportation and health care in Palmer Town are priced in a manner consistent with other areas. This means that residents of Palmer Town can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Palmer Town Affordable?

Is Palmer Town 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 Palmer Town, for instance, where the median home price falls 9.3% higher than the national average, and monthly rent rates are 2.4% lower than usual. Additionally, median income levels contribute to the equation, with Palmer Town flaunting a median household income of $68,694, 24.2% higher than the national norm.

What Factors can Influence the Cost of Living in Palmer Town?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower 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 Palmer Town, the groceries index registers 0.7% higher than the national average.

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 Palmer Town, the utilities index registers at 26.6% higher than the national average.

Where is the Data From?

The Palmer Town cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Palmer Town is 20% lower than the Massachusetts average
  • The cost of living in Palmer Town is 7% higher than the national average
  • Palmer Town housing is 6% higher than the national average
  • Massachusetts general sales tax is 22% higher than the national average
  • Massachusetts state income tax is 122% higher than the national average

Most Affordable Places to Live in and Around Palmer Town

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Compare Palmer Town, MA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$78,603$6,550$1,834$2,358
      Renters$39,506$3,292$922$1,185
      A good indicator of the general affordability of housing in Palmer Town, MA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Palmer Town, the median monthly income is $78,603 for those who own their own homes. Under the standard rule, that income level would allow for $1,834 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $39,506, per the median income in the area. That would allow for renters to spend up to $922 on monthly rental expenses.

      Massachusetts Sales Tax

      State General Sales Tax With Max Surtax
      Massachusetts 6.25% 6.25%

      Massachusetts Income Tax

      State Income Tax (Low) Income Tax (High)
      Massachusetts 5% 5%

      Goods & Services

      Item Palmer Town National avg. Difference
      Haircut $33.78$24.2639.2%
      Beauty Salon $58.55$45.5628.5%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.42$1.2810.9%
      Movie $12.85$12.135.9%
      Bowling $18.33$18.001.9%

      Groceries

      Item Palmer Town National avg. Difference
      Ground Beef $6.23$5.846.7%
      Fried Chicken $1.46$1.577.4%
      Milk $4.73$4.671.2%
      Potatoes $4.96$4.930.6%
      Pizza $10.79$12.0910.7%
      Beer $10.49$10.410.8%

      Health Care

      Item Palmer Town National avg. Difference
      Optometrist $166.22$125.6832.3%
      Doctor $182.50$135.7834.4%
      Dentist $127.00$113.2912.1%
      Ibuprofen $10.89$10.652.2%
      Lipitor $384.88$468.6017.9%

      Housing

      Item Palmer Town National avg. Difference
      Home Price $201,800.00$184,700.009.3%
      Avg. Mortgage Payment $2,110.08$2,346.6910.1%
      Apartment Rent $926.00$949.002.4%

      Transportation

      Item Palmer Town National avg. Difference
      Gasoline $3.34$3.463.4%
      Tire Balancing $71.63$59.9219.5%

      Utilities

      Item Palmer Town National avg. Difference
      All Electricity $302.09$193.9955.7%
      Phone $185.16$192.253.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Warren, MA546964.2%
      Springfield, MA153,6771022.1%
      Stafford Springs, CT4,7841043.8%
      Ware, MA5,9781044.1%
      Chicopee, MA55,1861055.3%
      Palmer Town, MA12,2361076.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Northlake, IL12,2351033.5%
      Kelso, WA12,2371065.6%
      Orange City, FL12,232964.1%
      Carnot-Moon, PA12,2421021.6%
      Mays Chapel, MD12,22913332.9%
      Palmer Town, MA12,2361076.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.