An Overview of Cost of Living in Lantana, FL
Are you thinking about relocating, but curious about the potential cost of living in Lantana? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lantana stands at 113, making it 13% 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.
Housing costs are a major factor in the Lantana 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 36.9% 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 Lantana Affordable?
Is Lantana 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 Lantana is 41.3% higher than the national average, while the average monthly rent prices are 26.9% higher than average. The affordability of any location can also be influenced by median income levels. Lantana has a median household income of $52,796, which is 4.6% lower than the national average.
What Factors can Influence the Cost of Living in Lantana?
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Lantana, the groceries index is 4.3% higher than the national average.
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 Lantana comes in at 2.8% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Lantana, the healthcare costs are 6.6% lower than the national average.
Where is the Data From?
The cost of living data in Lantana 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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