An Overview of Cost of Living in St. Augustine, FL
Understanding the cost of living in St. Augustine 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 St. Augustine cost of living index is 110, which is 10% 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.
Housing costs are a very significant part of the St. Augustine cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 47% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in St. Augustine?
Nobody knows their city better than the people who actually live there. So, we asked 18 local residents how they would rate the cost of living in St. Augustine and this is how they responded. 22% of people said that the cost of living was affordable, with prices decreasing, while 78% of people said that the cost of living was very expensive and prices continue to rise.
Is St. Augustine Affordable?
Is St. Augustine 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 St. Augustine, the median home price is 59.5% higher than the national average and monthly rent prices are 17.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with St. Augustine boasting a median household income of $60,455, 9.3% higher than the national average.
What Factors can Influence the Cost of Living in St. Augustine?
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In St. Augustine, the transportation index is 12.7% lower 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 St. Augustine, the healthcare costs are 14.5% lower than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Where is the Data From?
The St. Augustine cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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