An Overview of Cost of Living in Summerlin South, NV
Are you thinking about relocating, but curious about the potential cost of living in Summerlin South? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Summerlin South stands at 136, making it 36% 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.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Summerlin South is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Summerlin South falls into this category, which may not align with your goal of finding a budget-friendly living environment.
When it comes to the cost of living in Summerlin South, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 131.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Everyday items like clothes, personal care products and fun activities all add up to what it costs to live. The thing is, in Summerlin South, these goods and services are 16.2% cheaper than what people pay on average across the country. That means you can enjoy what you need and like without going broke. With these savings, you can stash more cash in your savings or use it for other money goals, which can really boost your financial health.
Is Summerlin South Affordable?
Is Summerlin South affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Summerlin South, the median home price is 143.1% higher than the national average and monthly rent prices are 105.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Summerlin South boasting a median household income of $99,424, 79.7% higher than the national average.
What Factors can Influence the Cost of Living in Summerlin South?
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Summerlin South, the groceries index is 4.9% higher than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including 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 offering fewer subsidies may experience a rise in their cost of living.
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.
Where is the Data From?
The cost of living in Summerlin South, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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