An Overview of Cost of Living in Security-Widefield, CO
Are you thinking about relocating, but curious about the potential cost of living in Security-Widefield? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Security-Widefield stands at 114, making it 14% 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.
Housing costs make up a big chunk of the cost of living in Security-Widefield, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 33.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Security-Widefield goods and services are 10.5% more expensive than the national average, leaving you with less money at the end of the month.
Is Security-Widefield Affordable?
Is Security-Widefield 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 Security-Widefield, for instance, where the median home price falls 28.6% higher than the national average, and monthly rent rates are 43.9% higher than usual. Additionally, median income levels contribute to the equation, with Security-Widefield flaunting a median household income of $72,175, 30.5% higher than the national norm.
What Factors can Influence the Cost of Living in Security-Widefield?
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Security-Widefield, healthcare costs are 5.3% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Security-Widefield, the groceries index is 3.8% higher than the national average.
Where is the Data From?
The cost of living data in Security-Widefield 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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