An Overview of Cost of Living in Granite City, IL
Knowing the cost of living in Granite City 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 Granite City stands at 82, marking it 18% lower than the national average.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Granite City stands out by reporting housing costs that are 45.9% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Granite City can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
Is Granite City Affordable?
Is Granite City 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 Granite City, for instance, where the median home price falls 55% lower than the national average, and monthly rent rates are 24.6% lower than usual. Additionally, median income levels contribute to the equation, with Granite City flaunting a median household income of $53,545, 3.2% lower than the national norm.
What Factors can Influence the Cost of Living in Granite City?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Granite City comes in at 1.7% higher 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 Granite City, the groceries index is 3.1% lower than the national average.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
Where is the Data From?
The Granite City cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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