Cost of Living in Cape Coral, FL

An Overview of Cost of Living in Cape Coral, FL

Are you thinking about relocating, but curious about the potential cost of living in Cape Coral? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Cape Coral stands at 112, making it 12% 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.

Housing costs make up a big chunk of the cost of living in Cape Coral, 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 33.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Cape Coral Affordable?

Is Cape Coral 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 Cape Coral is 28.5% higher than the national average, while the average monthly rent prices are 44% higher than average. The affordability of any location can also be influenced by median income levels. Cape Coral has a median household income of $61,780, which is 11.7% higher than the national average.

What Factors can Influence the Cost of Living in Cape Coral?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Cape Coral, the transportation index is 7.4% higher than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Where is the Data From?

The cost of living data in Cape Coral 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.