An Overview of Cost of Living in Golden Glades, FL
Are you thinking about relocating, but curious about the potential cost of living in Golden Glades? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Golden Glades stands at 113, making it 13% 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 Golden Glades, 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 34.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Golden Glades Affordable?
Wondering if Golden Glades 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 Golden Glades, for example, the median home price is 38.7% higher than what folks pay nationally, and monthly rent is 23.7% higher than the usual rates. Plus, income levels matter too, with Golden Glades boasting a median household income of $44,126, which is 20.2% lower than the national average.
What Factors can Influence the Cost of Living in Golden Glades?
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Golden Glades, the groceries index is 4% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Golden Glades, healthcare costs are 4.2% lower than the national average.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Golden Glades, the utilities index stands at 2.8% higher than the national average.
Where is the Data From?
The cost of living data in Golden Glades 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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