An Overview of Cost of Living in Progress Village, FL
Are you thinking about relocating, but curious about the potential cost of living in Progress Village? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Progress Village stands at 103, making it 3% 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.
In Progress Village, 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 Progress Village will resemble that of an average city, contributing to a manageable cost of living.
Is Progress Village Affordable?
Is Progress Village 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 Progress Village is 3.5% higher than the national average, while the average monthly rent prices are 56.3% higher than average. The affordability of any location can also be influenced by median income levels. Progress Village has a median household income of $63,832, which is 15.4% higher than the national average.
What Factors can Influence the Cost of Living in Progress Village?
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Progress Village, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 0%.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Progress Village, the transportation index is 0.4% higher than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Progress Village, the housing index is 19.3% higher than the national average.
Where is the Data From?
The Progress Village 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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