An Overview of Cost of Living in Fort Leonard Wood, MO
Knowing the cost of living in Fort Leonard Wood allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Fort Leonard Wood stands at 102, marking it 2% higher than the national average.
The cost of living in Fort Leonard Wood 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 Fort Leonard Wood 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 make up a big chunk of the cost of living in Fort Leonard Wood, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 31.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Everyday necessities such as clothing, personal hygiene products and recreational activities collectively contribute to the overall cost of living. The favorable news is that in Fort Leonard Wood, these essential goods and services are priced 10.6% below the national average. This translates to the ability to procure essential items and indulge in leisure activities without depleting one's financial resources excessively. With the resulting savings, individuals have the opportunity to allocate additional funds towards their savings or other financial objectives.
Is Fort Leonard Wood Affordable?
Is Fort Leonard Wood 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 Fort Leonard Wood, for instance, where the median home price falls 100% lower than the national average, and monthly rent rates are 31.8% higher than usual. Additionally, median income levels contribute to the equation, with Fort Leonard Wood flaunting a median household income of $58,598, 5.9% higher than the national norm.
What Factors can Influence the Cost of Living in Fort Leonard Wood?
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Fort Leonard Wood, the utilities index stands at 19.7% lower than the national average.
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 Fort Leonard Wood, the groceries index is 5.9% lower than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Fort Leonard Wood, the prevailing sales tax rate starts at 4.225%, and income tax rates kick off at 1.5%.
Where is the Data From?
The cost of living in Fort Leonard Wood, 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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