An Overview of Cost of Living in Floral Park, NY
Are you thinking about relocating, but curious about the potential cost of living in Floral Park? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Floral Park stands at 170, making it 70% 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.
The cost of living in Floral Park is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Floral Park falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a very significant part of the Floral Park cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 190% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Floral Park, you can expect to pay 26.8% more than average for these items, making it a more expensive place to live.
Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Floral Park, it's the same story – grocery costs are 13.4% higher than what people pay across the country.
Is Floral Park Affordable?
Is Floral Park 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 Floral Park is 230.2% higher than the national average, while the average monthly rent prices are 96.3% higher than average. The affordability of any location can also be influenced by median income levels. Floral Park has a median household income of $138,636, which is 150.6% higher than the national average.
What Factors can Influence the Cost of Living in Floral Park?
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Floral Park, healthcare costs are 20.6% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Floral Park, the standard sales tax rate starts at 4%, and the income tax rates commence at 4%.
Where is the Data From?
The Floral Park 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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