Cost of Living in Spring Hill, TN

An Overview of Cost of Living in Spring Hill, TN

Are you thinking about relocating, but curious about the potential cost of living in Spring Hill? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Spring Hill stands at 115, making it 15% 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.

Housing costs are a major factor in the Spring Hill 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 58.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Spring Hill?

The real experts on a city are its residents. That's why we reached out to 8 locals to get their views on the cost of living in Spring Hill. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 50% found it budget-friendly with decreasing prices, while 50% said it's simply not affordable as prices have continued to rise.

Is Spring Hill Affordable?

Is Spring Hill 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 Spring Hill, the median home price is 62.4% higher than what most folks pay across the country, and monthly rent prices are 50.6% higher than the usual rates. Income levels in Spring Hill come in at $90,322, which is 63.3% higher than the national average.

What Factors can Influence the Cost of Living in Spring Hill?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

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 Spring Hill, the transportation index is 8.7% lower than the national average.

Where is the Data From?

The cost of living in Spring Hill, 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.