Cost of Living in Melrose, MA

An Overview of Cost of Living in Melrose, MA

The cost of living in Melrose 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 Melrose is 167, which is 67% 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, Melrose 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, Melrose falls within this bracket.

Housing costs significantly influence the Melrose cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 179%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Melrose, you you will have to spend 21.6% more than average when compared to the typical prices for these items, making it a more expensive place to live.

What Do Locals Say About the Cost of Living in Melrose?

Nobody knows their city better than the people who actually live there. So, we asked 5 local residents how they would rate the cost of living in Melrose and this is how they responded. 0% of people said that the cost of living was affordable, with prices decreasing, while 100% of people said that the cost of living was very expensive and prices continue to rise.

Is Melrose Affordable?

Is Melrose 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 Melrose, the median home price is 224.6% higher than what most folks pay across the country, and monthly rent prices are 72.6% higher than the usual rates. Income levels in Melrose come in at $114,604, which is 107.2% higher than the national average.

What Factors can Influence the Cost of Living in Melrose?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Melrose, healthcare costs are 12.9% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Melrose comes in at 33.9% higher than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Melrose, the housing index stands at 179% higher than the national average.

Where is the Data From?

The cost of living in Melrose, 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.