Cost of Living in Abington, MA

An Overview of Cost of Living in Abington, MA

Are you thinking about relocating, but curious about the potential cost of living in Abington? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Abington stands at 140, making it 40% 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.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Abington is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Abington falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a very significant part of the Abington cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 89% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Abington, these items will cost you 21.6% more than what's considered the norm, making it a more expensive place to call home.

Is Abington Affordable?

Is Abington affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Abington, the median home price is 108.4% higher than the national average and monthly rent prices are 43.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Abington boasting a median household income of $106,001, 91.6% higher than the national average.

What Factors can Influence the Cost of Living in Abington?

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.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Abington, the baseline sales tax rate begins at 6.25%, and income tax rates start at 5%.

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 Abington, the utilities index registers at 33.9% higher than the national average.

Where is the Data From?

The Abington 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.