Cost of Living in Lee's Summit, MO

An Overview of Cost of Living in Lee's Summit, MO

Are you thinking about relocating, but curious about the potential cost of living in Lee's Summit? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lee's Summit stands at 103, making it 3% 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.

In Lee's Summit, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Lee's Summit will resemble that of an average city, contributing to a manageable cost of living.

Housing costs significantly influence the Lee's Summit 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 22.7%. 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 Lee's Summit?

Nobody knows their city better than the people who actually live there. So, we asked 12 local residents how they would rate the cost of living in Lee's Summit and this is how they responded. 58% of people said that the cost of living was affordable, with prices decreasing, while 42% of people said that the cost of living was very expensive and prices continue to rise.

Is Lee's Summit Affordable?

Is Lee's Summit 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 Lee's Summit is 27.1% higher than the national average, while the average monthly rent prices are 12.6% higher than average. The affordability of any location can also be influenced by median income levels. Lee's Summit has a median household income of $93,295, which is 68.6% higher than the national average.

What Factors can Influence the Cost of Living in Lee's Summit?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Lee's Summit, the transportation index stands at 11.1% lower than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Lee's Summit, the general sales tax rate starts at 4.225%, and income tax rates begin at 1.5%.

Where is the Data From?

The Lee's Summit 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.