Cost of Living in Huntington, IN

An Overview of Cost of Living in Huntington, IN

Are you thinking about relocating, but curious about the potential cost of living in Huntington? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Huntington stands at 84, making it 16% lower 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.

Housing expenses often consume a significant portion of your net income, occasionally surpassing 30%. Fortunately, housing costs in Huntington are 47.5% 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.

Is Huntington Affordable?

Is Huntington 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 Huntington, for instance, where the median home price falls 55.9% lower than the national average, and monthly rent rates are 27.9% lower than usual. Additionally, median income levels contribute to the equation, with Huntington flaunting a median household income of $42,744, 22.7% lower than the national norm.

What Factors can Influence the Cost of Living in Huntington?

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Huntington, the utilities index stands at 1.5% higher than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Huntington, the groceries index is 0.8% higher than the national average.

Where is the Data From?

The Huntington 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.