Cost of Living in Stoneham, MA

An Overview of Cost of Living in Stoneham, MA

The cost of living in Stoneham 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 Stoneham is 158, which is 58% 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're in pursuit of an economical living environment, Stoneham may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Stoneham falls within this bracket.

When it comes to the cost of living in Stoneham, 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 147.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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 Stoneham, you can expect to pay 21.6% more than average for these items, making it a more expensive place to live.

Is Stoneham Affordable?

Wondering if Stoneham 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 Stoneham, for example, the median home price is 185.2% higher than what folks pay nationally, and monthly rent is 60.4% higher than the usual rates. Plus, income levels matter too, with Stoneham boasting a median household income of $103,104, which is 86.4% higher than the national average.

What Factors can Influence the Cost of Living in Stoneham?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Stoneham, the groceries index is 5.3% higher than the national average.

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 Stoneham, is 147.8% higher than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Stoneham, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 5%.

Where is the Data From?

The Stoneham 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.