D
13%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
50%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Hoover Alabama National
Cost of living11388100
Goods & Services9896100
Groceries9796100
Health care9487100
Housing15072100
Transportation9191100
Utilities108102100

An Overview of Cost of Living in Hoover, AL

Getting a feel for the cost of living in Hoover is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Hoover is 113, which is 13% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

When it comes to the cost of living in Hoover, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 49.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Hoover Affordable?

Is Hoover 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 Hoover, the median home price is 61.6% higher than the national average and monthly rent prices are 21.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hoover boasting a median household income of $92,984, 68.1% higher than the national average.

What Factors can Influence the Cost of Living in Hoover?

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 Hoover, the transportation index is 9.5% lower than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

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 Hoover comes in at 7.5% higher than the national average.

Where is the Data From?

The cost of living data in Hoover 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.

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Cost Of Living Quick Facts

  • The cost of living in Hoover is 28% higher than the Alabama average
  • The cost of living in Hoover is 13% higher than the national average
  • Hoover housing is 50% higher than the national average
  • Alabama general sales tax is 22% lower than the national average
  • Alabama state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Hoover

See all the best places to live around Hoover

Compare Hoover, AL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$117,136$9,761$2,733$3,514
      Renters$50,690$4,224$1,183$1,521
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Hoover, AL, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Hoover homeowners, is $117,136. This would allow for a maximum of $2,733 per month to be spent on housing costs. For renters, the median monthly income is $50,690 which would result in a maximum of $1,183 to be spent on rental costs.

      Alabama Sales Tax

      State General Sales Tax With Max Surtax
      Alabama 4% 13.5%

      Alabama Income Tax

      State Income Tax (Low) Income Tax (High)
      Alabama 2% 5%

      Goods & Services

      Item Hoover National avg. Difference
      Haircut $20.07$24.2617.3%
      Beauty Salon $45.74$45.560.4%
      Toothpaste $3.76$3.701.6%
      Shampoo $1.33$1.284.1%
      Movie $12.54$12.133.3%
      Bowling $16.37$18.009.1%

      Groceries

      Item Hoover National avg. Difference
      Ground Beef $6.01$5.843.0%
      Fried Chicken $1.66$1.575.5%
      Milk $4.54$4.672.9%
      Potatoes $5.23$4.936.0%
      Pizza $10.99$12.099.1%
      Beer $10.40$10.410.1%

      Health Care

      Item Hoover National avg. Difference
      Optometrist $92.33$125.6826.5%
      Doctor $101.83$135.7825.0%
      Dentist $125.78$113.2911.0%
      Ibuprofen $10.28$10.653.5%
      Lipitor $460.79$468.601.7%

      Housing

      Item Hoover National avg. Difference
      Home Price $298,400.00$184,700.0061.6%
      Avg. Mortgage Payment $1,935.73$2,346.6917.5%
      Apartment Rent $1,155.00$949.0021.7%

      Transportation

      Item Hoover National avg. Difference
      Gasoline $3.13$3.469.7%
      Tire Balancing $54.52$59.929.0%

      Utilities

      Item Hoover National avg. Difference
      All Electricity $219.40$193.9913.1%
      Phone $188.55$192.251.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Brantleyville, AL8107722.6%
      Edgewater, AL8328218.1%
      Brighton, AL2,8738317.4%
      Mulga, AL7578316.9%
      Lipscomb, AL2,0558416.3%
      Hoover, AL85,38611313.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hawthorne, CA85,41016262.0%
      Bloomington, MN85,2261099.1%
      Clifton, NJ85,20112828.3%
      Bryan, TX85,645937.0%
      Duluth, MN85,8521000.1%
      Hoover, AL85,38611313.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.