Cost of Living in Iona, FL

An Overview of Cost of Living in Iona, FL

Knowing the cost of living in Iona allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Iona stands at 112, marking it 12% higher than the national average.

When it comes to the cost of living in Iona, 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 32.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Iona Affordable?

Is Iona 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 Iona is 23.8% higher than the national average, while the average monthly rent prices are 51.4% higher than average. The affordability of any location can also be influenced by median income levels. Iona has a median household income of $55,197, which is 0.2% lower than the national average.

What Factors can Influence the Cost of Living in Iona?

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Iona, the utilities index registers at 4.2% 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.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Iona, the groceries index is 1.1% lower than the national average.

Where is the Data From?

The Iona 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.