An Overview of Cost of Living in Suwanee, GA
Knowing the cost of living in Suwanee allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Suwanee stands at 120, marking it 20% higher than the national average.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Suwanee is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Suwanee falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs significantly influence the Suwanee cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 73%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
What Do Locals Say About the Cost of Living in Suwanee?
Locals have the inside scoop on their city. So, we polled 9 residents in Suwanee to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 22% find it reasonable with decreasing prices, but 78% think it's quite pricey, with prices that continue to rise.
Is Suwanee Affordable?
Is Suwanee 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 Suwanee, the median home price is 76.4% higher than the national average and monthly rent prices are 65.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Suwanee boasting a median household income of $90,372, 63.4% higher than the national average.
What Factors can Influence the Cost of Living in Suwanee?
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.
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 Suwanee, the housing index comes in at 73% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Suwanee, the groceries index is 1.3% higher than the national average.
Where is the Data From?
The cost of living in Suwanee, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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