Cost of Living in St. Simons, GA

An Overview of Cost of Living in St. Simons, GA

The cost of living in St. Simons affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in St. Simons is 122, which is 22% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

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 St. Simons 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, St. Simons falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in St. Simons, 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 84.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is St. Simons Affordable?

Is St. Simons an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in St. Simons is 104.5% higher than the national average, while the average monthly rent prices are 36.6% higher than average. The affordability of any location can also be influenced by median income levels. St. Simons has a median household income of $90,408, which is 63.4% higher than the national average.

What Factors can Influence the Cost of Living in St. Simons?

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in St. Simons, is 84.2% higher than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In St. Simons, the utilities index stands at 0.5% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In St. Simons, the transportation index stands at 12.7% lower than the national average.

Where is the Data From?

The cost of living data in St. Simons 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.