Cost of Living in Rolla, MO

An Overview of Cost of Living in Rolla, MO

Getting a feel for the cost of living in Rolla 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 Rolla is 89, which is 11% lower 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.

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

The most insightful perspective on a city comes from its residents. We recently surveyed 7 locals to gauge their perception of the cost of living in Rolla. The feedback revealed that 57% of respondents found the cost of living to be reasonable, with prices on the decline, while 43% regarded it as notably expensive with prices that continue to rise.

Is Rolla Affordable?

Wondering if Rolla 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 Rolla, for example, the median home price is 22.2% lower than what folks pay nationally, and monthly rent is 23.5% lower than the usual rates. Plus, income levels matter too, with Rolla boasting a median household income of $37,252, which is 32.7% lower than the national average.

What Factors can Influence the Cost of Living in Rolla?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Rolla, the standard sales tax rate starts at 4.225%, and the income tax rates commence at 1.5%.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Rolla, is 22.6% 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 Rolla, the transportation index is 10.4% lower than the national average.

Where is the Data From?

The Rolla cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.