Cost of Living in Pembroke Pines, FL

An Overview of Cost of Living in Pembroke Pines, FL

Understanding the cost of living in Pembroke Pines can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Pembroke Pines cost of living index is 121, which is 21% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you value affordability in your search for a new place to live, Pembroke Pines may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Pembroke Pines falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a very significant part of the Pembroke Pines cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 64.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Pembroke Pines Affordable?

Is Pembroke Pines an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Pembroke Pines, the median home price is 64% higher than what most folks pay across the country, and monthly rent prices are 64.8% higher than the usual rates. Income levels in Pembroke Pines come in at $68,683, which is 24.2% higher than the national average.

What Factors can Influence the Cost of Living in Pembroke Pines?

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 Pembroke Pines, the utilities index registers 2.8% higher 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 Pembroke Pines, the groceries index is 4.3% higher than the national average.

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.

Where is the Data From?

The cost of living in Pembroke Pines, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.