An Overview of Cost of Living in West Plains, MO
Getting a feel for the cost of living in West Plains 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 West Plains is 80, which is 20% 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.
As per the most recent annual cost of living index, West Plains stands out as one of the most economical places to call home in the entire country. A mere few cities can claim a cost of living index that is at least 20% less than the national average, and West Plains proudly belongs to this select category. This emphasizes the extraordinary affordability of this locality when compared with other areas.
West Plains housing costs are 43.2% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, West Plains residents can earmark a more manageable portion of their income to housing.
Everyday essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in West Plains, these goods and services come in at 10.6% 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 West Plains?
The most insightful perspective on a city comes from its residents. We recently surveyed 6 locals to gauge their perception of the cost of living in West Plains. The feedback revealed that 33% of respondents found the cost of living to be reasonable, with prices on the decline, while 67% regarded it as notably expensive with prices that continue to rise.
Is West Plains Affordable?
Is West Plains 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 West Plains, the median home price is 48.3% lower than what most folks pay across the country, and monthly rent prices are 31.1% lower than the usual rates. Income levels in West Plains come in at $37,154, which is 32.8% lower than the national average.
What Factors can Influence the Cost of Living in West Plains?
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In West Plains, the groceries index registers 5.9% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In West Plains, the utilities index registers at 19.7% lower than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In West Plains, healthcare costs are 5.1% lower than the national average.
Where is the Data From?
The West Plains 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.