A+
15%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
37%
Housing NAT. AVG.
Search Homes for Sale
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 Spanish Lake Missouri National
Cost of living8588100
Goods & Services9292100
Groceries9795100
Health care8990100
Housing6378100
Transportation9491100
Utilities10299100

An Overview of Cost of Living in Spanish Lake, MO

The cost of living in Spanish Lake affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Spanish Lake is 85, which is 15% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Is Spanish Lake Affordable?

Is Spanish Lake 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 Spanish Lake is 47.1% lower than the national average, while the average monthly rent prices are 12.5% lower than average. The affordability of any location can also be influenced by median income levels. Spanish Lake has a median household income of $41,632, which is 24.7% lower than the national average.

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

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Spanish Lake, the utilities index stands at 1.7% higher than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The Spanish Lake 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.

New Real Estate Listings in Spanish Lake Area
Search Homes for Sale in Spanish Lake, MO

Cost Of Living Quick Facts

  • The cost of living in Spanish Lake is 4% lower than the Missouri average
  • The cost of living in Spanish Lake is 15% lower than the national average
  • Spanish Lake housing is 37% lower than the national average
  • Missouri general sales tax is 17% lower than the national average
  • Missouri state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Spanish Lake

See all the best places to live around Spanish Lake

Compare Spanish Lake, MO Cost of Living

      vs
      How would you rate the cost of living in Spanish Lake?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Spanish Lake?
      Write a review to give others more information about this area.
      See all Spanish Lake poll results

      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$56,638$4,720$1,321$1,699
      Renters$31,724$2,644$740$952
      To approximate the cost of living and the housing affordability in Spanish Lake, MO, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Spanish Lake have a median income of $56,638. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,321 per month to avoid calamity and poverty. The renters in the city have an income of about $31,724, which would make their monthly maximum allowable rental costs $740.

      Missouri Sales Tax

      State General Sales Tax With Max Surtax
      Missouri 4.225% 10.85%

      Missouri Income Tax

      State Income Tax (Low) Income Tax (High)
      Missouri 2% 4.95%

      Goods & Services

      Item Spanish Lake National avg. Difference
      Haircut $21.19$24.2612.7%
      Beauty Salon $40.57$45.5611.0%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.11$1.2813.3%
      Movie $11.28$12.137.1%
      Bowling $16.92$18.006.0%

      Groceries

      Item Spanish Lake National avg. Difference
      Ground Beef $6.40$5.849.7%
      Fried Chicken $1.36$1.5713.3%
      Milk $4.50$4.673.7%
      Potatoes $5.28$4.936.9%
      Pizza $10.84$12.0910.3%
      Beer $9.47$10.419.1%

      Health Care

      Item Spanish Lake National avg. Difference
      Optometrist $125.72$125.680.0%
      Doctor $124.51$135.788.3%
      Dentist $100.78$113.2911.0%
      Ibuprofen $10.14$10.654.8%
      Lipitor $520.16$468.6011.0%

      Housing

      Item Spanish Lake National avg. Difference
      Home Price $97,700.00$184,700.0047.1%
      Avg. Mortgage Payment $1,737.43$2,346.6926.0%
      Apartment Rent $830.00$949.0012.5%

      Transportation

      Item Spanish Lake National avg. Difference
      Gasoline $3.20$3.467.6%
      Tire Balancing $50.00$59.9216.6%

      Utilities

      Item Spanish Lake National avg. Difference
      All Electricity $133.84$193.9931.0%
      Phone $188.69$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.
      Champ, MO3945.9%
      Brooklyn, IL4287327.0%
      East St. Louis, IL26,3597723.4%
      Alorton, IL2,0777723.2%
      Sauget, IL2337722.7%
      Spanish Lake, MO17,6828515.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Knik-Fairview, AK17,68212423.7%
      Maryland City, MD17,68112827.5%
      Tallmadge, OH17,681954.9%
      Alton, TX17,6838019.8%
      Laurel, VA17,6781065.6%
      Spanish Lake, MO17,6828515.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.