Cost of Living in Montgomeryville, PA

An Overview of Cost of Living in Montgomeryville, PA

Are you thinking about relocating, but curious about the potential cost of living in Montgomeryville? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Montgomeryville stands at 127, making it 27% higher 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.

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

Housing costs are a major factor in the Montgomeryville cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 82% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Montgomeryville Affordable?

Is Montgomeryville 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 Montgomeryville, for instance, where the median home price falls 95.1% higher than the national average, and monthly rent rates are 51.5% higher than usual. Additionally, median income levels contribute to the equation, with Montgomeryville flaunting a median household income of $102,115, 84.6% higher than the national norm.

What Factors can Influence the Cost of Living in Montgomeryville?

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Montgomeryville, the groceries index registers 2% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Montgomeryville, the healthcare costs are 6.5% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living data in Montgomeryville 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.