Cost of Living in Wyndham, VA

An Overview of Cost of Living in Wyndham, VA

Understanding the cost of living in Wyndham can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Wyndham cost of living index is 149, which is 49% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you're in pursuit of an economical living environment, Wyndham may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Wyndham falls within this bracket.

Housing costs are a very significant part of the Wyndham 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 160.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Wyndham Affordable?

Wondering if Wyndham 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 Wyndham, for example, the median home price is 189.2% higher than what folks pay nationally, and monthly rent is 94.1% higher than the usual rates. Plus, income levels matter too, with Wyndham boasting a median household income of $217,072, which is 292.4% higher than the national average.

What Factors can Influence the Cost of Living in Wyndham?

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 Wyndham, the transportation index stands at 0.3% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Wyndham, the healthcare costs are 4.4% lower than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Where is the Data From?

The cost of living in Wyndham, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.