Cost of Living in Clayton, MO

An Overview of Cost of Living in Clayton, MO

Are you thinking about relocating, but curious about the potential cost of living in Clayton? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Clayton stands at 147, making it 47% 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.

The cost of living in Clayton is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Clayton falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the Clayton 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 171.7% 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 Clayton Affordable?

Is Clayton 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 Clayton, the median home price is 227.9% higher than the national average and monthly rent prices are 40.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Clayton boasting a median household income of $108,387, 95.9% higher than the national average.

What Factors can Influence the Cost of Living in Clayton?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Clayton, the utilities index registers 1.7% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Clayton, the housing index is 171.7% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Clayton, the healthcare costs are 11.3% lower than the national average.

Where is the Data From?

The Clayton 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.