Cost of Living in Manchester, NH

An Overview of Cost of Living in Manchester, NH

Knowing the cost of living in Manchester 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 Manchester stands at 120, marking it 20% higher than the national average.

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

When it comes to the cost of living in Manchester, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 28.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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 Manchester, these items will cost you 20.2% more than what most folks pay, making it a bit more expensive to live here.

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

The most insightful perspective on a city comes from its residents. We recently surveyed 9 locals to gauge their perception of the cost of living in Manchester. The feedback revealed that 0% of respondents found the cost of living to be reasonable, with prices on the decline, while 100% regarded it as notably expensive with prices that continue to rise.

Is Manchester Affordable?

Wondering if Manchester 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 Manchester, for example, the median home price is 30.8% higher than what folks pay nationally, and monthly rent is 22.2% higher than the usual rates. Plus, income levels matter too, with Manchester boasting a median household income of $62,087, which is 12.2% higher than the national average.

What Factors can Influence the Cost of Living in Manchester?

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.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Manchester, the housing index stands at 28.2% higher than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Manchester, the utilities index is 31% higher than the national average.

Where is the Data From?

The Manchester 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.