Cost of Living in Wilmington Island, GA

An Overview of Cost of Living in Wilmington Island, GA

Knowing the cost of living in Wilmington Island 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 Wilmington Island stands at 111, marking it 11% higher than the national average.

Housing costs are a major factor in the Wilmington Island cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 42.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Wilmington Island Affordable?

Is Wilmington Island 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 Wilmington Island, for instance, where the median home price falls 44.1% higher than the national average, and monthly rent rates are 39% higher than usual. Additionally, median income levels contribute to the equation, with Wilmington Island flaunting a median household income of $82,542, 49.2% higher than the national norm.

What Factors can Influence the Cost of Living in Wilmington Island?

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Wilmington Island, the transportation index is 3.7% 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 Wilmington Island, the general sales tax rate starts at 4%, and income tax rates begin at 1%.

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 Wilmington Island, the groceries index is 2.3% higher than the national average.

Where is the Data From?

The Wilmington Island 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.