Cost of Living in Fitchburg, MA

An Overview of Cost of Living in Fitchburg, MA

Knowing the cost of living in Fitchburg allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Fitchburg stands at 115, marking it 15% higher than the national average.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Fitchburg goods and services are 20.2% more expensive than the national average, leaving you with less money at the end of the month.

Is Fitchburg Affordable?

Wondering if Fitchburg 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 Fitchburg, for example, the median home price is 17.2% higher than what folks pay nationally, and monthly rent is 1.6% higher than the usual rates. Plus, income levels matter too, with Fitchburg boasting a median household income of $54,683, which is 1.2% lower than the national average.

What Factors can Influence the Cost of Living in Fitchburg?

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 Fitchburg, the transportation index is 9.9% higher than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Fitchburg, the baseline sales tax rate begins at 6.25%, and income tax rates start at 5%.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Fitchburg, healthcare costs are 13.2% higher than the national average.

Where is the Data From?

The Fitchburg 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.