An Overview of Cost of Living in Mattoon, IL
Understanding the cost of living in Mattoon can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Mattoon cost of living index is 77, which is 23% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
According to the latest cost of living report, Mattoon stands out as one of the most budget-friendly places to reside in the nation. In fact, only a handful of cities boast a cost of living index that is at least 20% below the national average, and Mattoon proudly belongs to that select group. This underscores the exceptional affordability of this region in comparison to other urban centers.
It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Mattoon stands out by reporting housing costs that are 48.2% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.
Everyday essentials such as clothing, personal hygiene products and entertainment all contribute to your overall cost of living. The good news is that in Mattoon, these goods and services come in at 18.3% less than the national average. This means you can enjoy the things you need and love without breaking the bank. With such savings, you have the opportunity to allocate more funds towards your savings or other financial goals, ultimately enhancing your financial well-being.
Is Mattoon Affordable?
Is Mattoon 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 Mattoon, the median home price is 54.3% lower than the national average and monthly rent prices are 33.9% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Mattoon boasting a median household income of $40,576, 26.7% lower than the national average.
What Factors can Influence the Cost of Living in Mattoon?
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 Mattoon starts at 6.25% and the income tax rates start at 4.95%.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Mattoon comes in at 10.5% lower than the national average.
Where is the Data From?
The Mattoon 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.
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