F
23%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
57%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Essex Junction Vermont National
Cost of living123110100
Goods & Services108108100
Groceries105105100
Health care106106100
Housing157112100
Transportation107107100
Utilities121121100

An Overview of Cost of Living in Essex Junction, VT

The cost of living in Essex Junction 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 Essex Junction is 123, which is 23% 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, Essex Junction 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, Essex Junction falls within this bracket.

When it comes to the cost of living in Essex Junction, 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 56.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Essex Junction Affordable?

Wondering if Essex Junction 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 Essex Junction, for example, the median home price is 65.3% higher than what folks pay nationally, and monthly rent is 37.1% higher than the usual rates. Plus, income levels matter too, with Essex Junction boasting a median household income of $76,845, which is 38.9% higher than the national average.

What Factors can Influence the Cost of Living in Essex Junction?

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.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Essex Junction, the housing index stands at 56.8% higher than the national average.

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 Essex Junction starts at 6% and the income tax rates start at 3.35%.

Where is the Data From?

The Essex Junction 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.

New Real Estate Listings in Essex Junction Area
Search Homes for Sale in Essex Junction, VT

Cost Of Living Quick Facts

  • The cost of living in Essex Junction is 12% higher than the Vermont average
  • The cost of living in Essex Junction is 23% higher than the national average
  • Essex Junction housing is 57% higher than the national average
  • Vermont general sales tax is 18% higher than the national average
  • Vermont state income tax is 29% higher than the national average

Most Affordable Places to Live in and Around Essex Junction

See all the best places to live around Essex Junction

Compare Essex Junction, VT Cost of Living

      vs
      How would you rate the cost of living in Essex Junction?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Essex Junction?
      Write a review to give others more information about this area.
      See all Essex Junction poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$105,528$8,794$2,462$3,166
      Renters$43,063$3,589$1,005$1,292
      To approximate the cost of living and the housing affordability in Essex Junction, VT, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Essex Junction have a median income of $105,528. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,462 per month to avoid calamity and poverty. The renters in the city have an income of about $43,063, which would make their monthly maximum allowable rental costs $1,005.

      Vermont Sales Tax

      State General Sales Tax With Max Surtax
      Vermont 6% 7%

      Vermont Income Tax

      State Income Tax (Low) Income Tax (High)
      Vermont 3.35% 8.75%

      Goods & Services

      Item Essex Junction National avg. Difference
      Haircut $26.98$24.2611.2%
      Beauty Salon $46.44$45.561.9%
      Toothpaste $3.73$3.700.8%
      Shampoo $1.23$1.283.9%
      Movie $11.94$12.131.6%
      Bowling $15.67$18.0013.0%

      Groceries

      Item Essex Junction National avg. Difference
      Ground Beef $5.76$5.841.4%
      Fried Chicken $1.72$1.579.6%
      Milk $4.82$4.673.1%
      Potatoes $4.97$4.930.7%
      Pizza $12.05$12.090.3%
      Beer $10.01$10.413.9%

      Health Care

      Item Essex Junction National avg. Difference
      Optometrist $141.67$125.6812.7%
      Doctor $152.78$135.7812.5%
      Dentist $130.83$113.2915.5%
      Ibuprofen $10.78$10.651.2%
      Lipitor $371.02$468.6020.8%

      Housing

      Item Essex Junction National avg. Difference
      Home Price $305,300.00$184,700.0065.3%
      Avg. Mortgage Payment $3,072.44$2,346.6930.9%
      Apartment Rent $1,301.00$949.0037.1%

      Transportation

      Item Essex Junction National avg. Difference
      Gasoline $3.59$3.463.8%
      Tire Balancing $68.60$59.9214.5%

      Utilities

      Item Essex Junction National avg. Difference
      All Electricity $262.67$193.9935.4%
      Phone $186.03$192.253.2%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Willsboro, NY605973.1%
      Cambridge, VT2441087.8%
      Winooski, VT7,32011414.1%
      Jeffersonville, VT66711414.4%
      Milton, VT3,91311515.4%
      Essex Junction, VT10,76112323.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Burr Ridge, IL10,76116968.8%
      Little Ferry, NJ10,76113837.8%
      Crestwood, IL10,7621010.7%
      Bellmead, TX10,7638515.2%
      Taylorville, IL10,7668217.6%
      Essex Junction, VT10,76112323.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.