Cost of Living in South Milwaukee, WI

An Overview of Cost of Living in South Milwaukee, WI

The cost of living in South Milwaukee affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in South Milwaukee is 98, which is 2% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

In South Milwaukee, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in South Milwaukee will resemble that of an average city, contributing to a manageable cost of living.

Is South Milwaukee Affordable?

Wondering if South Milwaukee 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 South Milwaukee, for example, the median home price is 10.1% lower than what folks pay nationally, and monthly rent is 7.3% lower than the usual rates. Plus, income levels matter too, with South Milwaukee boasting a median household income of $57,286, which is 3.6% higher than the national average.

What Factors can Influence the Cost of Living in South Milwaukee?

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 South Milwaukee, the transportation index is 1.1% lower than the national average.

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 South Milwaukee, the prevailing sales tax rate starts at 5%, and income tax rates kick off at 3.54%.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living data in South Milwaukee displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.