Cost of Living in Evanston, WY

An Overview of Cost of Living in Evanston, WY

Understanding the cost of living in Evanston 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 Evanston cost of living index is 95, which is 5% 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.

Everyday expenditures like food, housing, goods and services, transportation and health care in Evanston are priced in a manner consistent with other areas. This means that residents of Evanston can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

What Do Locals Say About the Cost of Living in Evanston?

Nobody knows their city better than the people who actually live there. So, we asked 5 local residents how they would rate the cost of living in Evanston and this is how they responded. 40% of people said that the cost of living was affordable, with prices decreasing, while 60% of people said that the cost of living was very expensive and prices continue to rise.

Is Evanston Affordable?

Is Evanston an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Evanston, the median home price is 8.3% lower than what most folks pay across the country, and monthly rent prices are 31.3% lower than the usual rates. Income levels in Evanston come in at $62,356, which is 12.7% higher than the national average.

What Factors can Influence the Cost of Living in Evanston?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Evanston, healthcare costs are 11.9% lower than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Evanston, the standard sales tax rate starts at 4%, and the income tax rates commence at 0%.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Evanston, the housing index is 15.2% lower than the national average.

Where is the Data From?

The Evanston cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.