An Overview of Cost of Living in Asbury Lake, FL
The cost of living in Asbury Lake 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 Asbury Lake is 105, which is 5% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
In Asbury Lake, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Asbury Lake will resemble that of an average city, contributing to a manageable cost of living.
Housing costs are a major factor in the Asbury Lake cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 28.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Asbury Lake Affordable?
Is Asbury Lake an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Asbury Lake is 18.2% higher than the national average, while the average monthly rent prices are 53.1% higher than average. The affordability of any location can also be influenced by median income levels. Asbury Lake has a median household income of $73,405, which is 32.7% higher than the national average.
What Factors can Influence the Cost of Living in Asbury Lake?
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Asbury Lake, is 28.7% higher than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Asbury Lake, the transportation index is 12.7% lower than the national average.
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 Asbury Lake, the utilities index is 0.5% higher than the national average.
Where is the Data From?
The Asbury Lake 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.
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