An Overview of Cost of Living in New Smyrna Beach, FL
Getting a feel for the cost of living in New Smyrna Beach is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in New Smyrna Beach is 111, which is 11% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing costs make up a big chunk of the cost of living in New Smyrna Beach, 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 43% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
What Do Locals Say About the Cost of Living in New Smyrna Beach?
The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in New Smyrna Beach. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 44% found it budget-friendly with decreasing prices, while 56% said it's simply not affordable as prices have continued to rise.
Is New Smyrna Beach Affordable?
Is New Smyrna Beach affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in New Smyrna Beach, the median home price is 47.3% higher than the national average and monthly rent prices are 32.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with New Smyrna Beach boasting a median household income of $61,885, 11.9% higher than the national average.
What Factors can Influence the Cost of Living in New Smyrna Beach?
Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In New Smyrna Beach, the groceries index is 1.5% lower than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Where is the Data From?
The cost of living data in New Smyrna Beach 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.
Here are the best places to live in Florida
10 Best cities in Florida for employment
10 best cities to buy a new house in Florida
See the best places to live in & around New Smyrna Beach