An Overview of Cost of Living in Stevens Point, WI
Understanding the cost of living in Stevens Point 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 Stevens Point cost of living index is 88, which is 12% lower 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 essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in Stevens Point, these goods and services come in at 17.4% less than the national average. This means you can enjoy the things you need and love without breaking the bank. With such savings, you have the opportunity to allocate more funds towards your savings or other financial goals, ultimately enhancing your financial well-being.
What Do Locals Say About the Cost of Living in Stevens Point?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 6 locals to understand their opinions on the cost of living in Stevens Point. The results indicated that 50% found it reasonably priced with decreasing prices of goods and services, while 50% viewed it as quite expensive, with increasing prices.
Is Stevens Point Affordable?
Is Stevens Point an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Stevens Point, the median home price is 18.5% lower than what most folks pay across the country, and monthly rent prices are 19.5% lower than the usual rates. Income levels in Stevens Point come in at $46,663, which is 15.7% lower than the national average.
What Factors can Influence the Cost of Living in Stevens Point?
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 Stevens Point, healthcare costs are 25.1% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Stevens Point, the prevailing sales tax rate starts at 5%, and income tax rates kick off at 3.54%.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Stevens Point, the groceries index is 3.6% lower than the national average.
Where is the Data From?
The Stevens Point cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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