F
35%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
93%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Medford New York National
Cost of living135117100
Goods & Services108108100
Groceries99102100
Health care113103100
Housing193145100
Transportation103105100
Utilities133100100

An Overview of Cost of Living in Medford, NY

The cost of living in Medford affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Medford is 135, which is 35% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you're in pursuit of an economical living environment, Medford may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Medford falls within this bracket.

Housing costs make up a big chunk of the cost of living in Medford, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 93.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Medford Affordable?

Is Medford 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 Medford, the median home price is 81.9% higher than what most folks pay across the country, and monthly rent prices are 120.5% higher than the usual rates. Income levels in Medford come in at $99,673, which is 80.2% higher than the national average.

What Factors can Influence the Cost of Living in Medford?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Medford, the housing index is 93.5% higher than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Medford starts at 4% and the income tax rates start at 4%.

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.

Where is the Data From?

The Medford 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.

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Cost Of Living Quick Facts

  • The cost of living in Medford is 15% higher than the New York average
  • The cost of living in Medford is 35% higher than the national average
  • Medford housing is 93% higher than the national average
  • New York general sales tax is 22% lower than the national average
  • New York state income tax is 54% higher than the national average

Most Affordable Places to Live in and Around Medford

See all the best places to live around Medford

Compare Medford, NY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$101,927$8,494$2,378$3,058
      Renters$63,836$5,320$1,489$1,915
      To approximate the cost of living and the housing affordability in Medford, NY, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Medford have a median income of $101,927. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,378 per month to avoid calamity and poverty. The renters in the city have an income of about $63,836, which would make their monthly maximum allowable rental costs $1,489.

      New York Sales Tax

      State General Sales Tax With Max Surtax
      New York 4% 8.875%

      New York Income Tax

      State Income Tax (Low) Income Tax (High)
      New York 4% 10.9%

      Goods & Services

      Item Medford National avg. Difference
      Haircut $39.78$24.2664.0%
      Beauty Salon $69.00$45.5651.4%
      Toothpaste $3.86$3.704.2%
      Shampoo $1.47$1.2814.8%
      Movie $15.07$12.1324.2%
      Bowling $24.00$18.0033.3%

      Groceries

      Item Medford National avg. Difference
      Ground Beef $6.28$5.847.6%
      Fried Chicken $1.59$1.571.4%
      Milk $4.83$4.673.3%
      Potatoes $5.03$4.932.0%
      Pizza $13.21$12.099.3%
      Beer $10.53$10.411.1%

      Health Care

      Item Medford National avg. Difference
      Optometrist $134.70$125.687.2%
      Doctor $162.26$135.7819.5%
      Dentist $136.03$113.2920.1%
      Ibuprofen $11.26$10.655.7%
      Lipitor $375.63$468.6019.8%

      Housing

      Item Medford National avg. Difference
      Home Price $335,900.00$184,700.0081.9%
      Avg. Mortgage Payment $3,730.18$2,346.6959.0%
      Apartment Rent $2,093.00$949.00120.5%

      Transportation

      Item Medford National avg. Difference
      Gasoline $3.47$3.460.2%
      Tire Balancing $63.33$59.925.7%

      Utilities

      Item Medford National avg. Difference
      All Electricity $296.64$193.9952.9%
      Phone $185.16$192.253.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Saltaire, NY2511212.4%
      Ocean Beach, NY3111212.4%
      Stony Brook University, NY8,57411212.4%
      Calverton, NY5,28011818.2%
      Mastic Beach, NY15,61012120.8%
      Medford, NY24,61313534.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Riverbank, CA24,62312625.5%
      Emporia, KS24,6318514.7%
      Mill Creek East, WA24,64316868.3%
      Chestermere, AB24,643n/a 
      Herndon, VA24,57714544.7%
      Medford, NY24,61313534.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.