Cost of Living in Lebanon, NH

An Overview of Cost of Living in Lebanon, NH

Are you thinking about relocating, but curious about the potential cost of living in Lebanon? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lebanon stands at 123, making it 23% 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.

The cost of living in Lebanon is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Lebanon falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Lebanon cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 38.6% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

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, Lebanon goods and services are 20.2% more expensive than the national average, leaving you with less money at the end of the month.

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

Locals have the inside scoop on their city. So, we polled 7 residents in Lebanon to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 43% find it reasonable with decreasing prices, but 57% think it's quite pricey, with prices that continue to rise.

Is Lebanon Affordable?

Is Lebanon 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 Lebanon, the median home price is 41.8% higher than the national average and monthly rent prices are 31% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lebanon boasting a median household income of $73,704, 33.2% higher than the national average.

What Factors can Influence the Cost of Living in Lebanon?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Lebanon, the groceries index is 2% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Lebanon, healthcare costs are 13.2% higher than the national average.

Where is the Data From?

The Lebanon 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.