An Overview of Cost of Living in Westwood Lakes, FL
Are you thinking about relocating, but curious about the potential cost of living in Westwood Lakes? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Westwood Lakes stands at 129, making it 29% higher 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.
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 Westwood Lakes 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, Westwood Lakes falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs significantly influence the Westwood Lakes 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 87.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Westwood Lakes Affordable?
Is Westwood Lakes 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 Westwood Lakes, the median home price is 89.6% higher than what most folks pay across the country, and monthly rent prices are 81.5% higher than the usual rates. Income levels in Westwood Lakes come in at $66,713, which is 20.6% higher than the national average.
What Factors can Influence the Cost of Living in Westwood Lakes?
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 Westwood Lakes, the housing index is 87.1% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Westwood Lakes, the groceries index is 4% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Westwood Lakes, the transportation index is 2.6% higher than the national average.
Where is the Data From?
The Westwood Lakes 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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