| Index | Laurel | Florida | National |
| Cost of living | 125 | 102 | 100 |
| Groceries | 104 | 102 | 100 |
| Health care | 104 | 104 | 100 |
| Housing | 175 | 97 | 100 |
| Transportation | 100 | 103 | 100 |
| Utilities | 110 | 110 | 100 |
| Lifestyle & Entertainment | 109 | 104 | 100 |
| Household Items | 100 | 102 | 100 |
| Education & Childcare | 103 | 106 | 100 |
Understanding the cost of living in Laurel can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Laurel cost of living index is 125, which is 25% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you're in pursuit of an economical living environment, Laurel may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Laurel falls within this bracket.
When it comes to the cost of living in Laurel, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 75.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Laurel an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Laurel, the median home price is 83.2% higher than what most folks pay across the country, and monthly rent prices are 56% higher than the usual rates. Income levels in Laurel come in at $96,430, which is 18.6% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Laurel, the general sales tax rate starts at 6%, and income tax rates begin at 0%.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Laurel, the housing index comes in at 75.1% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
The cost of living data for Laurel shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
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| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $104,810 | $8,734 | $2,445 | $3,145 |
| Renters | $73,148 | $6,096 | $1,707 | $2,195 |
| State | General Sales Tax | With Max Surtax |
| Florida | 6% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| Florida | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Warm Mineral Springs, FL | 5,389 | 100 | 0.0% |
| Gulf Gate Estates, FL | 10,922 | 101 | 1.1% |
| Nokomis, FL | 4,186 | 105 | 4.8% |
| Englewood, FL | 20,036 | 107 | 6.8% |
| Kensington Park, FL | 3,584 | 107 | 6.8% |
| Laurel, FL | 12,504 | 125 | 25.3% |
| City | Population | Cost of Living Index | National Avg. |
| Oak Grove, SC | 12,504 | 95 | 5.4% |
| Overlea, MD | 12,505 | 111 | 11.0% |
| Holiday City-Berkeley, NJ | 12,508 | 112 | 12.2% |
| Escanaba, MI | 12,509 | 84 | 16.5% |
| Middle Valley, TN | 12,498 | 98 | 1.8% |
| Laurel, FL | 12,504 | 125 | 25.3% |
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