Cost of Living in Somersworth, NH

An Overview of Cost of Living in Somersworth, NH

Knowing the cost of living in Somersworth 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 Somersworth stands at 117, marking it 17% higher than the national average.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Somersworth, these items will cost you 20.2% more than what's considered the norm, making it a more expensive place to call home.

Is Somersworth Affordable?

Is Somersworth affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Somersworth, the median home price is 14.5% higher than the national average and monthly rent prices are 21.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Somersworth boasting a median household income of $67,209, 21.5% higher than the national average.

What Factors can Influence the Cost of Living in Somersworth?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Somersworth, the transportation index stands at 9.9% higher than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Somersworth, the utilities index registers 31% higher than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Somersworth, the baseline sales tax rate begins at 0%, and income tax rates start at 5%.

Where is the Data From?

The Somersworth 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.