An Overview of Cost of Living in Bellair-Meadowbrook Terrace, FL
Getting a feel for the cost of living in Bellair-Meadowbrook Terrace is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Bellair-Meadowbrook Terrace is 93, which is 7% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
In Bellair-Meadowbrook Terrace, 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 Bellair-Meadowbrook Terrace will resemble that of an average city, contributing to a manageable cost of living.
Is Bellair-Meadowbrook Terrace Affordable?
Is Bellair-Meadowbrook Terrace 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 Bellair-Meadowbrook Terrace is 24.8% lower than the national average, while the average monthly rent prices are 18.2% higher than average. The affordability of any location can also be influenced by median income levels. Bellair-Meadowbrook Terrace has a median household income of $49,797, which is 10% lower than the national average.
What Factors can Influence the Cost of Living in Bellair-Meadowbrook Terrace?
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Bellair-Meadowbrook Terrace, the utilities index registers 0.5% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Bellair-Meadowbrook Terrace, the housing index is 11.9% lower than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Bellair-Meadowbrook Terrace, the transportation index is 12.7% lower than the national average.
Where is the Data From?
The cost of living data in Bellair-Meadowbrook Terrace 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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