An Overview of Cost of Living in Cape Canaveral, FL
Are you thinking about relocating, but curious about the potential cost of living in Cape Canaveral? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Cape Canaveral stands at 107, making it 7% 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 Cape Canaveral is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.
Housing costs are a very significant part of the Cape Canaveral 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 28.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Cape Canaveral Affordable?
Is Cape Canaveral 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 Cape Canaveral is 43.4% higher than the national average, while the average monthly rent prices are 7.5% lower than average. The affordability of any location can also be influenced by median income levels. Cape Canaveral has a median household income of $53,016, which is 4.2% lower than the national average.
What Factors can Influence the Cost of Living in Cape Canaveral?
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Cape Canaveral starts at 6% and the income tax rates start at 0%.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Cape Canaveral, the utilities index is 9.9% lower than the national average.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Cape Canaveral, the transportation index is 4.8% lower than the national average.
Where is the Data From?
The Cape Canaveral cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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