Cost of Living in Vermillion, SD

An Overview of Cost of Living in Vermillion, SD

Knowing the cost of living in Vermillion 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 Vermillion stands at 89, marking it 11% lower than the national average.

Is Vermillion Affordable?

Wondering if Vermillion 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 Vermillion, for example, the median home price is 14% lower than what folks pay nationally, and monthly rent is 23.4% lower than the usual rates. Plus, income levels matter too, with Vermillion boasting a median household income of $43,750, which is 20.9% lower than the national average.

What Factors can Influence the Cost of Living in Vermillion?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Vermillion, the standard sales tax rate starts at 4.5%, and the income tax rates commence at 0%.

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.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Vermillion, healthcare costs are 3.1% higher than the national average.

Where is the Data From?

The Vermillion 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.