Cost of Living in South Yarmouth, MA

An Overview of Cost of Living in South Yarmouth, MA

The cost of living in South Yarmouth 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 South Yarmouth is 130, which is 30% 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 prioritize affordability when seeking a new place to live, South Yarmouth may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, South Yarmouth falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a very significant part of the South Yarmouth cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 80.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In South Yarmouth, you can expect to pay 15.3% more than average for these items, making it a more expensive place to live.

Is South Yarmouth Affordable?

Is South Yarmouth 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 South Yarmouth, for instance, where the median home price falls 88.3% higher than the national average, and monthly rent rates are 61.9% higher than usual. Additionally, median income levels contribute to the equation, with South Yarmouth flaunting a median household income of $67,408, 21.8% higher than the national norm.

What Factors can Influence the Cost of Living in South Yarmouth?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

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 South Yarmouth starts at 6.25% and the income tax rates start at 5%.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In South Yarmouth, the transportation index is 7.5% lower than the national average.

Where is the Data From?

The South Yarmouth 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.