Cost of Living in Piqua, OH

An Overview of Cost of Living in Piqua, OH

Are you thinking about relocating, but curious about the potential cost of living in Piqua? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Piqua stands at 88, making it 12% lower 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 often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Piqua distinguishes itself by reporting housing expenses that are 41.5% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Piqua can allocate more of their income to housing, enhancing their financial flexibility.

Is Piqua Affordable?

Is Piqua 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 Piqua, for instance, where the median home price falls 51.7% lower than the national average, and monthly rent rates are 17.8% lower than usual. Additionally, median income levels contribute to the equation, with Piqua flaunting a median household income of $45,926, 17% lower than the national norm.

What Factors can Influence the Cost of Living in Piqua?

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Piqua, the prevailing sales tax rate starts at 5.75%, and income tax rates kick off at 0%.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Piqua, healthcare costs are 6.6% higher than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The Piqua 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.