An Overview of Cost of Living in Des Moines, IA
The cost of living in Des Moines affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Des Moines is 89, which is 11% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
What Do Locals Say About the Cost of Living in Des Moines?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 27 locals to understand their opinions on the cost of living in Des Moines. The results indicated that 52% found it reasonably priced with decreasing prices of goods and services, while 48% viewed it as quite expensive, with increasing prices.
Is Des Moines Affordable?
Is Des Moines 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 Des Moines is 21.6% lower than the national average, while the average monthly rent prices are 7.3% lower than average. The affordability of any location can also be influenced by median income levels. Des Moines has a median household income of $82,534, which is 1.5% higher than the national average.
What Factors can Influence the Cost of Living in Des Moines?
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 Des Moines, the housing index is 17.3% lower than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Des Moines, healthcare costs are 17.3% 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 Des Moines, the transportation index is 0.9% lower than the national average.
Where is the Data From?
The cost of living data in Des Moines 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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