Cost of Living in Lake Mary, FL

An Overview of Cost of Living in Lake Mary, FL

Are you thinking about relocating, but curious about the potential cost of living in Lake Mary? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lake Mary stands at 122, making it 22% 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.

If you're in pursuit of an economical living environment, Lake Mary may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Lake Mary falls within this bracket.

Housing costs significantly influence the Lake Mary cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 78.2%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

What Do Locals Say About the Cost of Living in Lake Mary?

The real experts on a city are its residents. That's why we reached out to 12 locals to get their views on the cost of living in Lake Mary. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 42% found it budget-friendly with decreasing prices, while 58% said it's simply not affordable as prices have continued to rise.

Is Lake Mary Affordable?

Is Lake Mary affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lake Mary, for instance, where the median home price falls 78.5% higher than the national average, and monthly rent rates are 77.4% higher than usual. Additionally, median income levels contribute to the equation, with Lake Mary flaunting a median household income of $92,441, 67.1% higher than the national norm.

What Factors can Influence the Cost of Living in Lake Mary?

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 Lake Mary, the groceries index is 2.2% lower than the national average.

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 Lake Mary, the transportation index is 4.8% lower than the national average.

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 Lake Mary comes in at 9.9% lower than the national average.

Where is the Data From?

The Lake Mary 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.