Cost of Living in Goshen, IN

An Overview of Cost of Living in Goshen, IN

Are you thinking about relocating, but curious about the potential cost of living in Goshen? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Goshen stands at 87, making it 13% 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 staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Goshen, these goods are 13.8% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

Is Goshen Affordable?

Is Goshen 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 Goshen, the median home price is 28.9% lower than the national average and monthly rent prices are 14.1% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Goshen boasting a median household income of $50,224, 9.2% lower than the national average.

What Factors can Influence the Cost of Living in Goshen?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Goshen, the transportation index is 10.3% lower than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Goshen, the groceries index is 0.1% lower than the national average.

Where is the Data From?

The Goshen 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.