Cost of Living in Edgewater, FL

An Overview of Cost of Living in Edgewater, FL

Knowing the cost of living in Edgewater 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 Edgewater stands at 98, marking it 2% lower than the national average.

Everyday expenditures like food, housing, goods and services, transportation and health care in Edgewater are priced in a manner consistent with other areas. This means that residents of Edgewater can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Edgewater Affordable?

Is Edgewater 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 Edgewater is 6.6% lower than the national average, while the average monthly rent prices are 11.1% higher than average. The affordability of any location can also be influenced by median income levels. Edgewater has a median household income of $49,487, which is 10.5% lower than the national average.

What Factors can Influence the Cost of Living in Edgewater?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Edgewater, the transportation index is 2% higher than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Edgewater, the housing index stands at 1.3% lower than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Edgewater, the groceries index is 1.5% lower than the national average.

Where is the Data From?

The Edgewater 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.