An Overview of Cost of Living in East St. Louis, IL
Knowing the cost of living in East St. Louis 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 East St. Louis stands at 77, marking it 23% lower than the national average.
As per the most recent annual cost of living index, East St. Louis stands out as one of the most economical places to call home in the entire country. A mere few cities can claim a cost of living index that is at least 20% less than the national average, and East St. Louis proudly belongs to this select category. This emphasizes the extraordinary affordability of this locality when compared with other areas.
East St. Louis housing costs are 64.3% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, East St. Louis residents can earmark a more manageable portion of their income to housing.
Is East St. Louis Affordable?
Wondering if East St. Louis 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 East St. Louis, for example, the median home price is 70.8% lower than what folks pay nationally, and monthly rent is 49.2% lower than the usual rates. Plus, income levels matter too, with East St. Louis boasting a median household income of $24,009, which is 56.6% lower than the national average.
What Factors can Influence the Cost of Living in East St. Louis?
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 East St. Louis, is 64.3% lower than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in East St. Louis comes in at 1.7% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In East St. Louis, the groceries index is 3.1% lower than the national average.
Where is the Data From?
The cost of living data in East St. Louis 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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