Cost of Living in Waverly, IA

An Overview of Cost of Living in Waverly, IA

Are you thinking about relocating, but curious about the potential cost of living in Waverly? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Waverly stands at 89, making it 11% lower 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.

Everyday basics like clothes, personal care items and entertainment factor into your overall living costs. But here's the good news: in Waverly, these things are 18.5% more affordable than the national average. So, you can get what you need and have fun without emptying your wallet. With these savings, you can stash more money in your savings or put it towards other financial goals, ultimately improving your financial health.

Is Waverly Affordable?

Is Waverly 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 Waverly, the median home price is 4.9% lower than the national average and monthly rent prices are 17.5% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Waverly boasting a median household income of $65,701, 18.8% higher than the national average.

What Factors can Influence the Cost of Living in Waverly?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Waverly, healthcare costs are 1.5% higher than the national average.

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 Waverly, the groceries index is 5.1% lower 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 Waverly, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 0.33%.

Where is the Data From?

The cost of living in Waverly, 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.