An Overview of Cost of Living in Clive, IA
Getting a feel for the cost of living in Clive 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 Clive is 107, which is 7% higher 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.
The cost of living in Clive closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Clive can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
Housing costs are a major factor in the Clive cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 37.1% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Clive Affordable?
Is Clive affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Clive, for instance, where the median home price falls 54.2% higher than the national average, and monthly rent rates are 2.7% lower than usual. Additionally, median income levels contribute to the equation, with Clive flaunting a median household income of $107,268, 93.9% higher than the national norm.
What Factors can Influence the Cost of Living in Clive?
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Clive, the transportation index stands at 9.1% lower than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Clive, the baseline sales tax rate begins at 6%, and income tax rates start at 0.33%.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Clive, the groceries index is 0.7% lower than the national average.
Where is the Data From?
The cost of living data in Clive 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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