Cost of Living in Hialeah Gardens, FL

An Overview of Cost of Living in Hialeah Gardens, FL

Are you thinking about relocating, but curious about the potential cost of living in Hialeah Gardens? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Hialeah Gardens stands at 113, making it 13% 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 Hialeah Gardens, 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 33.4% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Hialeah Gardens Affordable?

Is Hialeah Gardens 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 Hialeah Gardens, the median home price is 23.1% higher than the national average and monthly rent prices are 57.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hialeah Gardens boasting a median household income of $52,979, 4.2% lower than the national average.

What Factors can Influence the Cost of Living in Hialeah Gardens?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Hialeah Gardens, the utilities index registers 2.8% higher than the national average.

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 Hialeah Gardens, the housing index is 33.4% higher than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Hialeah Gardens, the groceries index registers 4% higher than the national average.

Where is the Data From?

The Hialeah Gardens cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.