Cost of Living in Randolph, MA

An Overview of Cost of Living in Randolph, MA

Understanding the cost of living in Randolph can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Randolph cost of living index is 126, which is 26% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

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

Housing costs are a very significant part of the Randolph cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 43.2% more than the average city. This includes things like home and rent prices, 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 Randolph, these items will cost you 21.6% 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 Randolph?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 5 locals to understand their opinions on the cost of living in Randolph. The results indicated that 20% found it reasonably priced with decreasing prices of goods and services, while 80% viewed it as quite expensive, with increasing prices.

Is Randolph Affordable?

Is Randolph an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Randolph is 47.3% higher than the national average, while the average monthly rent prices are 33.5% higher than average. The affordability of any location can also be influenced by median income levels. Randolph has a median household income of $65,316, which is 18.1% higher than the national average.

What Factors can Influence the Cost of Living in Randolph?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Randolph, healthcare costs are 12.9% higher than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Randolph, the housing index is 43.2% higher than the national average.

Where is the Data From?

The Randolph cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.