An Overview of Cost of Living in St. Andrews, SC
Are you thinking about relocating, but curious about the potential cost of living in St. Andrews? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in St. Andrews stands at 90, making it 10% lower 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.
Is St. Andrews Affordable?
Is St. Andrews 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 St. Andrews, for instance, where the median home price falls 45.8% lower than the national average, and monthly rent rates are 6% lower than usual. Additionally, median income levels contribute to the equation, with St. Andrews flaunting a median household income of $37,218, 32.7% lower than the national norm.
What Factors can Influence the Cost of Living in St. Andrews?
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In St. Andrews, the housing index is 33.9% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In St. Andrews, the utilities index registers at 31% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In St. Andrews, healthcare costs are 14.1% lower than the national average.
Where is the Data From?
The cost of living data in St. Andrews 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 South Carolina
10 Best cities in South Carolina for employment
Check out the 10 safest cities in South Carolina
See the best places to live in & around St. Andrews