A-
4%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
29%
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 Waterville Maine National
Cost of living96102100
Goods & Services109109100
Groceries102102100
Health care103103100
Housing7192100
Transportation109109100
Utilities107107100

An Overview of Cost of Living in Waterville, ME

Getting a feel for the cost of living in Waterville is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Waterville is 96, which is 4% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Waterville 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. Waterville 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.

Is Waterville Affordable?

Is Waterville 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 Waterville, for instance, where the median home price falls 32.8% lower than the national average, and monthly rent rates are 20% lower than usual. Additionally, median income levels contribute to the equation, with Waterville flaunting a median household income of $39,722, 28.2% lower than the national norm.

What Factors can Influence the Cost of Living in Waterville?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Waterville, the transportation index is 9% higher than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Waterville, the housing index stands at 28.9% lower than the national average.

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.

Where is the Data From?

The Waterville 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 Waterville is 6% lower than the Maine average
  • The cost of living in Waterville is 4% lower than the national average
  • Waterville housing is 29% lower than the national average
  • Maine general sales tax is 8% higher than the national average
  • Maine state income tax is 123% higher than the national average

Most Affordable Places to Live in and Around Waterville

See all the best places to live around Waterville

Compare Waterville, ME Cost of Living

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      Salary Calculator

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      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$62,075$5,173$1,448$1,862
      Renters$23,645$1,970$552$709
      To approximate the cost of living and the housing affordability in Waterville, ME, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Waterville have a median income of $62,075. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,448 per month to avoid calamity and poverty. The renters in the city have an income of about $23,645, which would make their monthly maximum allowable rental costs $552.

      Maine Sales Tax

      State General Sales Tax With Max Surtax
      Maine 5.5% 5.5%

      Maine Income Tax

      State Income Tax (Low) Income Tax (High)
      Maine 5.8% 7.15%

      Goods & Services

      Item Waterville National avg. Difference
      Haircut $28.67$24.2618.2%
      Beauty Salon $53.03$45.5616.4%
      Toothpaste $3.69$3.700.3%
      Shampoo $1.17$1.288.9%
      Movie $13.07$12.137.7%
      Bowling $17.76$18.001.4%

      Groceries

      Item Waterville National avg. Difference
      Ground Beef $5.41$5.847.3%
      Fried Chicken $1.43$1.578.9%
      Milk $4.75$4.671.7%
      Potatoes $5.00$4.931.3%
      Pizza $11.93$12.091.3%
      Beer $10.22$10.411.9%

      Health Care

      Item Waterville National avg. Difference
      Optometrist $170.67$125.6835.8%
      Doctor $146.50$135.787.9%
      Dentist $119.58$113.295.6%
      Ibuprofen $10.72$10.650.7%
      Lipitor $372.90$468.6020.4%

      Housing

      Item Waterville National avg. Difference
      Home Price $124,200.00$184,700.0032.8%
      Avg. Mortgage Payment $2,456.69$2,346.694.7%
      Apartment Rent $759.00$949.0020.0%

      Transportation

      Item Waterville National avg. Difference
      Gasoline $3.52$3.461.7%
      Tire Balancing $76.01$59.9226.8%

      Utilities

      Item Waterville National avg. Difference
      All Electricity $218.65$193.9912.7%
      Phone $185.73$192.253.4%
      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.
      Fairfield, ME2,298946.1%
      Clinton, ME1,227963.6%
      Winslow, ME4,908981.9%
      Norridgewock, ME1,2721000.2%
      Oakland, ME2,3241010.7%
      Waterville, ME16,623963.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Camp Pendleton South, CA16,61815757.3%
      Ham Lake, MN16,63011514.9%
      Dallas, OR16,61211413.6%
      McKinleyville, CA16,64512221.7%
      Madison, NJ16,64717272.4%
      Waterville, ME16,623963.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.