Cost of Living in Utica, NY

An Overview of Cost of Living in Utica, NY

Knowing the cost of living in Utica 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 Utica stands at 95, marking it 5% lower than the national average.

The cost of living in Utica closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Utica can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

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 Utica, these items will cost you 15% more than what's considered the norm, making it a more expensive place to call home.

What Do Locals Say About the Cost of Living in Utica?

Locals have the inside scoop on their city. So, we polled 5 residents in Utica to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 60% find it reasonable with decreasing prices, but 40% think it's quite pricey, with prices that continue to rise.

Is Utica Affordable?

Is Utica 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 Utica, for instance, where the median home price falls 44.6% lower than the national average, and monthly rent rates are 21% lower than usual. Additionally, median income levels contribute to the equation, with Utica flaunting a median household income of $42,624, 23% lower than the national norm.

What Factors can Influence the Cost of Living in Utica?

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 Utica, healthcare costs are 3.4% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Utica, the utilities index stands at 7.4% higher than the national average.

Where is the Data From?

The Utica 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.