B
12%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
33%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Cape Coral Florida National
Cost of living11298100
Goods & Services10598100
Groceries9999100
Health care10896100
Housing13396100
Transportation10799100
Utilities9697100

An Overview of Cost of Living in Cape Coral, FL

Are you thinking about relocating, but curious about the potential cost of living in Cape Coral? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Cape Coral stands at 112, making it 12% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs make up a big chunk of the cost of living in Cape Coral, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 33.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Cape Coral Affordable?

Is Cape Coral 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 Cape Coral is 28.5% higher than the national average, while the average monthly rent prices are 44% higher than average. The affordability of any location can also be influenced by median income levels. Cape Coral has a median household income of $61,780, which is 11.7% higher than the national average.

What Factors can Influence the Cost of Living in Cape Coral?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

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 Cape Coral, the transportation index is 7.4% higher 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 data in Cape Coral displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Cape Coral is 15% higher than the Florida average
  • The cost of living in Cape Coral is 12% higher than the national average
  • Cape Coral housing is 33% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Cape Coral

See all the best places to live around Cape Coral

Compare Cape Coral, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$68,907$5,742$1,608$2,067
      Renters$47,258$3,938$1,103$1,418
      To approximate the cost of living and the housing affordability in Cape Coral, FL, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Cape Coral have a median income of $68,907. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,608 per month to avoid calamity and poverty. The renters in the city have an income of about $47,258, which would make their monthly maximum allowable rental costs $1,103.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Cape Coral National avg. Difference
      Haircut $28.20$24.2616.2%
      Beauty Salon $54.05$45.5618.6%
      Toothpaste $3.63$3.701.9%
      Shampoo $1.45$1.2813.5%
      Movie $13.05$12.137.6%
      Bowling $21.20$18.0017.8%

      Groceries

      Item Cape Coral National avg. Difference
      Ground Beef $6.06$5.843.8%
      Fried Chicken $1.40$1.5711.0%
      Milk $4.57$4.672.2%
      Potatoes $5.24$4.936.1%
      Pizza $11.72$12.093.0%
      Beer $11.06$10.416.2%

      Health Care

      Item Cape Coral National avg. Difference
      Optometrist $101.67$125.6819.1%
      Doctor $153.94$135.7813.4%
      Dentist $122.09$113.297.8%
      Ibuprofen $10.59$10.650.6%
      Lipitor $535.04$468.6014.2%

      Housing

      Item Cape Coral National avg. Difference
      Home Price $237,400.00$184,700.0028.5%
      Avg. Mortgage Payment $2,422.46$2,346.693.2%
      Apartment Rent $1,367.00$949.0044.0%

      Transportation

      Item Cape Coral National avg. Difference
      Gasoline $3.47$3.460.2%
      Tire Balancing $74.92$59.9225.0%

      Utilities

      Item Cape Coral National avg. Difference
      All Electricity $179.36$193.997.5%
      Phone $194.07$192.250.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Suncoast Estates, FL4,7598811.6%
      North Fort Myers, FL42,315928.1%
      Tice, FL5,379936.7%
      Pine Manor, FL4,582955.1%
      Harlem Heights, FL1,362954.7%
      Cape Coral, FL189,63311211.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Shreveport, LA189,890937.1%
      Mobile, AL189,994909.6%
      Frisco, TX188,38714039.8%
      McKinney, TX191,19712928.6%
      Tempe, AZ191,60711211.8%
      Cape Coral, FL189,63311211.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.