Cost of Living in Port St. Lucie, FL

An Overview of Cost of Living in Port St. Lucie, FL

Knowing the cost of living in Port St. Lucie 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 Port St. Lucie stands at 108, marking it 8% higher than the national average.

In Port St. Lucie, 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 Port St. Lucie will resemble that of an average city, contributing to a manageable cost of living.

Housing costs make up a big chunk of the cost of living in Port St. Lucie, 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 32% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

What Do Locals Say About the Cost of Living in Port St. Lucie?

Nobody knows their city better than the people who actually live there. So, we asked 15 local residents how they would rate the cost of living in Port St. Lucie and this is how they responded. 53% of people said that the cost of living was affordable, with prices decreasing, while 47% of people said that the cost of living was very expensive and prices continue to rise.

Is Port St. Lucie Affordable?

Is Port St. Lucie 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 Port St. Lucie, the median home price is 21.5% higher than the national average and monthly rent prices are 56.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Port St. Lucie boasting a median household income of $62,380, 12.8% higher than the national average.

What Factors can Influence the Cost of Living in Port St. Lucie?

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 Port St. Lucie, the general sales tax rate starts at 6%, and income tax rates begin at 0%.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Port St. Lucie, the transportation index is 2% lower than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The Port St. Lucie cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.