Cost of Living in North Bellmore, NY

An Overview of Cost of Living in North Bellmore, NY

Are you thinking about relocating, but curious about the potential cost of living in North Bellmore? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in North Bellmore stands at 159, making it 59% 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 North Bellmore 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, North Bellmore 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 North Bellmore 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 152.9% 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, North Bellmore goods and services are 26.8% more expensive than the national average, leaving you with less money at the end of the month.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in North Bellmore is even less favorable, with grocery prices here being 13.4% higher than the national average.

Is North Bellmore Affordable?

Is North Bellmore affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take North Bellmore, for instance, where the median home price falls 170.8% higher than the national average, and monthly rent rates are 111% higher than usual. Additionally, median income levels contribute to the equation, with North Bellmore flaunting a median household income of $150,353, 171.8% higher than the national norm.

What Factors can Influence the Cost of Living in North Bellmore?

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 North Bellmore, the groceries index is 13.4% higher than the national average.

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 North Bellmore, the housing index stands at 152.9% higher than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In North Bellmore, the transportation index is 15.2% higher than the national average.

Where is the Data From?

The North Bellmore 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.