Cost of Living in Monmouth, OR

An Overview of Cost of Living in Monmouth, OR

Are you thinking about relocating, but curious about the potential cost of living in Monmouth? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Monmouth stands at 112, making it 12% 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.

Housing costs are a major factor in the Monmouth 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 31.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Monmouth Affordable?

Wondering if Monmouth 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 Monmouth, for example, the median home price is 42.2% higher than what folks pay nationally, and monthly rent is 7.7% higher than the usual rates. Plus, income levels matter too, with Monmouth boasting a median household income of $47,585, which is 14% lower than the national average.

What Factors can Influence the Cost of Living in Monmouth?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Monmouth, healthcare costs are 0.9% higher than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Monmouth, the groceries index is 7% higher than the national average.

Where is the Data From?

The Monmouth 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.