An Overview of Cost of Living in Pocatello, ID
Knowing the cost of living in Pocatello 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 Pocatello stands at 91, marking it 9% lower than the national average.
The cost of living in Pocatello aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Pocatello residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
What Do Locals Say About the Cost of Living in Pocatello?
The real experts on a city are its residents. That's why we reached out to 31 locals to get their views on the cost of living in Pocatello. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 45% found it budget-friendly with decreasing prices, while 55% said it's simply not affordable as prices have continued to rise.
Is Pocatello Affordable?
Is Pocatello 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 Pocatello, the median home price is 16.6% lower than the national average and monthly rent prices are 30.3% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Pocatello boasting a median household income of $46,882, 15.3% lower than the national average.
What Factors can Influence the Cost of Living in Pocatello?
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Pocatello, the utilities index registers 13% lower than the national average.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Pocatello starts at 6% and the income tax rates start at 1.125%.
Where is the Data From?
The cost of living in Pocatello, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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