F
33%
Overall NAT. AVG.
20%
Goods & Services NAT. AVG.
73%
Housing NAT. AVG.
Search Homes for Sale
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 Methuen Town Massachusetts National
Cost of living133133100
Goods & Services120122100
Groceries102105100
Health care113113100
Housing173165100
Transportation110118100
Utilities131134100

An Overview of Cost of Living in Methuen Town, MA

Getting a feel for the cost of living in Methuen Town is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Methuen Town is 133, which is 33% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

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 Methuen Town 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, Methuen Town falls into this category, which may not align with your goal of finding a budget-friendly living environment.

When it comes to the cost of living in Methuen Town, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 73.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Methuen Town, these items will cost you 20.2% more than what most folks pay, making it a bit more expensive to live here.

Is Methuen Town Affordable?

Is Methuen Town 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 Methuen Town, the median home price is 89.6% higher than the national average and monthly rent prices are 34.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Methuen Town boasting a median household income of $83,527, 51% higher than the national average.

What Factors can Influence the Cost of Living in Methuen Town?

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 Methuen Town, healthcare costs are 13.2% 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 Methuen Town starts at 6.25% and the income tax rates start at 5%.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The cost of living data in Methuen Town 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.

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Cost Of Living Quick Facts

  • The cost of living in Methuen Town is equal to the Massachusetts average
  • The cost of living in Methuen Town is 33% higher than the national average
  • Methuen Town housing is 73% higher than the national average
  • Massachusetts general sales tax is 22% higher than the national average
  • Massachusetts state income tax is 93% higher than the national average

Most Affordable Places to Live in and Around Methuen Town

See all the best places to live around Methuen Town

Compare Methuen Town, MA 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$103,753$8,646$2,421$3,113
      Renters$34,258$2,855$799$1,028
      A good indicator of the general affordability of housing in Methuen Town, MA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Methuen Town, the median monthly income is $103,753 for those who own their own homes. Under the standard rule, that income level would allow for $2,421 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $34,258, per the median income in the area. That would allow for renters to spend up to $799 on monthly rental expenses.

      Massachusetts Sales Tax

      State General Sales Tax With Max Surtax
      Massachusetts 6.25% 6.25%

      Massachusetts Income Tax

      State Income Tax (Low) Income Tax (High)
      Massachusetts 5% 9%

      Goods & Services

      Item Methuen Town National avg. Difference
      Haircut $26.58$24.269.6%
      Beauty Salon $67.97$45.5649.2%
      Toothpaste $3.73$3.700.8%
      Shampoo $1.25$1.282.1%
      Movie $13.07$12.137.7%
      Bowling $25.44$18.0041.4%

      Groceries

      Item Methuen Town National avg. Difference
      Ground Beef $5.47$5.846.3%
      Fried Chicken $1.44$1.578.5%
      Milk $4.75$4.671.6%
      Potatoes $5.01$4.931.5%
      Pizza $11.66$12.093.6%
      Beer $9.82$10.415.7%

      Health Care

      Item Methuen Town National avg. Difference
      Optometrist $115.00$125.688.5%
      Doctor $164.00$135.7820.8%
      Dentist $136.17$113.2920.2%
      Ibuprofen $11.01$10.653.4%
      Lipitor $483.35$468.603.1%

      Housing

      Item Methuen Town National avg. Difference
      Home Price $350,200.00$184,700.0089.6%
      Avg. Mortgage Payment $2,281.44$2,346.692.8%
      Apartment Rent $1,276.00$949.0034.5%

      Transportation

      Item Methuen Town National avg. Difference
      Gasoline $3.33$3.463.9%
      Tire Balancing $86.00$59.9243.5%

      Utilities

      Item Methuen Town National avg. Difference
      All Electricity $294.40$193.9951.8%
      Phone $186.72$192.252.9%
      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.
      Hudson, NH7,23012020.2%
      Derry, NH22,89112120.8%
      Lawrence, MA80,02212726.7%
      Lowell, MA111,31112827.6%
      Haverhill, MA63,78312929.4%
      Methuen Town, MA50,51813333.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hoffman Estates, IL50,46411918.7%
      Joplin, MO50,5808712.7%
      Collierville, TN50,59611616.0%
      Country Club, FL50,43611616.0%
      Catalina Foothills, AZ50,63113636.1%
      Methuen Town, MA50,51813333.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.