Cost of Living in Sun Prairie, WI

An Overview of Cost of Living in Sun Prairie, WI

The cost of living in Sun Prairie 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 Sun Prairie is 113, which is 13% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs are a very significant part of the Sun Prairie 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 30.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Sun Prairie Affordable?

Wondering if Sun Prairie 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 Sun Prairie, for example, the median home price is 35% higher than what folks pay nationally, and monthly rent is 19.2% higher than the usual rates. Plus, income levels matter too, with Sun Prairie boasting a median household income of $79,566, which is 43.8% higher than the national average.

What Factors can Influence the Cost of Living in Sun Prairie?

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 Sun Prairie, healthcare costs are 19.7% higher than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Sun Prairie starts at 5% and the income tax rates start at 3.54%.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Sun Prairie, the utilities index is 9.2% higher than the national average.

Where is the Data From?

The cost of living data in Sun Prairie 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.