An Overview of Cost of Living in Edwardsville, IL
The cost of living in Edwardsville 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 Edwardsville is 102, which is 2% 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 Edwardsville, 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 Edwardsville will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Edwardsville?
Nobody knows their city better than the people who actually live there. So, we asked 7 local residents how they would rate the cost of living in Edwardsville and this is how they responded. 14% of people said that the cost of living was affordable, with prices decreasing, while 86% of people said that the cost of living was very expensive and prices continue to rise.
Is Edwardsville Affordable?
Is Edwardsville 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 Edwardsville, for instance, where the median home price falls 28.9% higher than the national average, and monthly rent rates are 3% lower than usual. Additionally, median income levels contribute to the equation, with Edwardsville flaunting a median household income of $75,271, 36.1% higher than the national norm.
What Factors can Influence the Cost of Living in Edwardsville?
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
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 Edwardsville, the groceries index is 3.1% 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 Edwardsville, the healthcare costs are 11.3% lower than the national average.
Where is the Data From?
The Edwardsville cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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