An Overview of Cost of Living in Wilkes-Barre, PA
Getting a feel for the cost of living in Wilkes-Barre 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 Wilkes-Barre is 86, which is 14% 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.
Housing expenses often consume a significant portion of your net income, occasionally surpassing 30%. Fortunately, housing costs in Wilkes-Barre are 46.5% below the national average. This highlights the region's exceptional affordability for both homeownership and rentals in comparison to the rest of the country. This favorable housing situation allows residents to allocate a more reasonable fraction of their income to housing, resulting in enhanced financial flexibility and improved overall financial well-being.
What Do Locals Say About the Cost of Living in Wilkes-Barre?
Locals have the inside scoop on their city. So, we polled 7 residents in Wilkes-Barre to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 86% find it reasonable with decreasing prices, but 14% think it's quite pricey, with prices that continue to rise.
Is Wilkes-Barre Affordable?
Is Wilkes-Barre 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 Wilkes-Barre, the median home price is 57.8% lower than what most folks pay across the country, and monthly rent prices are 20.2% lower than the usual rates. Income levels in Wilkes-Barre come in at $40,505, which is 26.8% lower than the national average.
What Factors can Influence the Cost of Living in Wilkes-Barre?
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 Wilkes-Barre, the utilities index registers at 5% higher than the national average.
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 Wilkes-Barre, the groceries index is 2.4% higher than the national average.
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 Wilkes-Barre, the transportation index is 8.4% higher than the national average.
Where is the Data From?
The cost of living in Wilkes-Barre, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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