An Overview of Cost of Living in Ankeny, IA
Knowing the cost of living in Ankeny 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 Ankeny stands at 103, marking it 3% higher than the national average.
The cost of living in Ankeny 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 Ankeny can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
When it comes to the cost of living in Ankeny, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 25.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Ankeny?
Locals have the inside scoop on their city. So, we polled 23 residents in Ankeny 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? 61% find it reasonable with decreasing prices, but 39% think it's quite pricey, with prices that continue to rise.
Is Ankeny Affordable?
Is Ankeny 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 Ankeny, for instance, where the median home price falls 29.6% higher than the national average, and monthly rent rates are 16.8% higher than usual. Additionally, median income levels contribute to the equation, with Ankeny flaunting a median household income of $89,484, 61.8% higher than the national norm.
What Factors can Influence the Cost of Living in Ankeny?
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 Ankeny starts at 6% and the income tax rates start at 0.33%.
Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Where is the Data From?
The cost of living in Ankeny, 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.
Here are the best places to live in Iowa
These are the 10 most affordable cities in Iowa
Top 10 best public schools in Ankeny
Top 10 cities in Iowa with the best education system