Cost of Living in Jamestown, NY

An Overview of Cost of Living in Jamestown, NY

Understanding the cost of living in Jamestown can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Jamestown cost of living index is 84, which is 16% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Jamestown housing costs are 55.5% 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, Jamestown residents can earmark a more manageable portion of their income to housing.

Is Jamestown Affordable?

Wondering if Jamestown is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Jamestown, for example, the median home price is 64% lower than what folks pay nationally, and monthly rent is 35.6% lower than the usual rates. Plus, income levels matter too, with Jamestown boasting a median household income of $34,767, which is 37.2% lower than the national average.

What Factors can Influence the Cost of Living in Jamestown?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Jamestown, the housing index is 55.5% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Jamestown, healthcare costs are 11.4% lower than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Jamestown, the transportation index is 14% higher than the national average.

Where is the Data From?

The cost of living data in Jamestown displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.