Cost of Living in Rome, GA

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An Overview of Cost of Living in Rome, GA

Are you thinking about relocating, but curious about the potential cost of living in Rome? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Rome stands at 90, making it 10% lower 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.

The cost of living in Rome 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. Rome 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 Rome?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 9 locals to understand their opinions on the cost of living in Rome. The results indicated that 33% found it reasonably priced with decreasing prices of goods and services, while 67% viewed it as quite expensive, with increasing prices.

Is Rome Affordable?

Is Rome 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 Rome, the median home price is 14.5% lower than the national average and monthly rent prices are 20.8% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Rome boasting a median household income of $38,987, 29.5% lower than the national average.

What Factors can Influence the Cost of Living in Rome?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Rome, the standard sales tax rate starts at 4%, and the income tax rates commence at 1%.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Rome, the housing index comes in at 16.3% lower than the national average.

Where is the Data From?

The Rome 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.

Most Affordable Places to Live in and Around Rome

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Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living in Rome is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Rome has a median income of about $71,625 for people who own homes. Based on that number, a maximum of $1,671 should be spent on expenses related to housing. Renters have a slightly different median income, which is $27,320. Based on this average, renters should spend no more than $637 on all rental costs if they want to maintain a non-impoverished standard of living.

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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.

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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.