An Overview of Cost of Living in West Valley City, UT
Are you thinking about relocating, but curious about the potential cost of living in West Valley City? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in West Valley City stands at 111, making it 11% 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.
When it comes to the cost of living in West Valley City, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 28.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is West Valley City Affordable?
Is West Valley City an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in West Valley City is 31.3% higher than the national average, while the average monthly rent prices are 23.3% higher than average. The affordability of any location can also be influenced by median income levels. West Valley City has a median household income of $70,427, which is 27.3% higher than the national average.
What Factors can Influence the Cost of Living in West Valley City?
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 West Valley City, the standard sales tax rate starts at 6.1%, and the income tax rates commence at 4.85%.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In West Valley City, the groceries index is 0.4% higher than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in West Valley City, is 28.9% higher than the national average.
Where is the Data From?
The West Valley City 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.