Cost of Living in Doctor Phillips, FL

An Overview of Cost of Living in Doctor Phillips, FL

Understanding the cost of living in Doctor Phillips 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 Doctor Phillips cost of living index is 131, which is 31% 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.

The cost of living in Doctor Phillips is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Doctor Phillips falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Doctor Phillips cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 108.6% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Doctor Phillips Affordable?

Wondering if Doctor Phillips is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Doctor Phillips, for example, the median home price is 109.5% higher than what folks pay nationally, and monthly rent is 106.3% higher than the usual rates. Plus, income levels matter too, with Doctor Phillips boasting a median household income of $99,716, which is 80.2% higher than the national average.

What Factors can Influence the Cost of Living in Doctor Phillips?

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Doctor Phillips comes in at 9.9% lower than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Doctor Phillips, healthcare costs are 7.6% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The Doctor Phillips 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.