Cost of Living in Kettering, MD

An Overview of Cost of Living in Kettering, MD

Are you thinking about relocating, but curious about the potential cost of living in Kettering? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Kettering stands at 135, making it 35% higher 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.

If you're in pursuit of an economical living environment, Kettering 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, Kettering falls within this bracket.

Housing costs make up a big chunk of the cost of living in Kettering, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 88.3% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Kettering, these items will cost you 16.6% more than what most folks pay, making it a bit more expensive to live here.

Is Kettering Affordable?

Is Kettering 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 Kettering, the median home price is 73.7% higher than the national average and monthly rent prices are 122.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Kettering boasting a median household income of $100,428, 81.5% higher than the national average.

What Factors can Influence the Cost of Living in Kettering?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Kettering, the healthcare costs are 10% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

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 Kettering, the transportation index is 5.5% higher than the national average.

Where is the Data From?

The cost of living in Kettering, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.