Cost of Living in Suamico, WI

An Overview of Cost of Living in Suamico, WI

The cost of living in Suamico 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 Suamico is 109, which is 9% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Suamico closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Suamico can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Housing costs make up a big chunk of the cost of living in Suamico, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 37.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Suamico Affordable?

Is Suamico affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Suamico, the median home price is 43.8% higher than the national average and monthly rent prices are 23.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Suamico boasting a median household income of $98,078, 77.3% higher than the national average.

What Factors can Influence the Cost of Living in Suamico?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Suamico, the housing index comes in at 37.7% higher than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Suamico, the transportation index is 1.5% lower than the national average.

Where is the Data From?

The Suamico 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.