D-
31%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
94%
Housing NAT. AVG.
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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 Richmond West Florida National
Cost of living13198100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing19496100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Richmond West, FL

Are you thinking about relocating, but curious about the potential cost of living in Richmond West? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Richmond West stands at 131, making it 31% 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.

If you prioritize affordability when seeking a new place to live, Richmond West may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Richmond West falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Richmond West, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 93.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Richmond West Affordable?

Is Richmond West 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 Richmond West, for instance, where the median home price falls 82.2% higher than the national average, and monthly rent rates are 119.9% higher than usual. Additionally, median income levels contribute to the equation, with Richmond West flaunting a median household income of $76,358, 38% higher than the national norm.

What Factors can Influence the Cost of Living in Richmond West?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Richmond West, the housing index comes in at 93.5% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Richmond West, the transportation index stands at 2.6% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Richmond West, healthcare costs are 4.2% lower than the national average.

Where is the Data From?

The Richmond West 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.

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Cost Of Living Quick Facts

  • The cost of living in Richmond West is 34% higher than the Florida average
  • The cost of living in Richmond West is 31% higher than the national average
  • Richmond West housing is 94% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Richmond West

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Compare Richmond West, FL Cost of Living

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      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$80,179$6,682$1,871$2,406
      Renters$63,363$5,280$1,478$1,901
      A good indicator of the general affordability of housing in Richmond West, FL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Richmond West, the median monthly income is $80,179 for those who own their own homes. Under the standard rule, that income level would allow for $1,871 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $63,363, per the median income in the area. That would allow for renters to spend up to $1,478 on monthly rental expenses.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Richmond West National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item Richmond West National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item Richmond West National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item Richmond West National avg. Difference
      Home Price $336,500.00$184,700.0082.2%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $2,087.00$949.00119.9%

      Transportation

      Item Richmond West National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item Richmond West National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      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.
      Homestead Base, FL7251044.2%
      Florida City, FL11,8551043.5%
      Brownsville, FL17,4751055.1%
      Sweetwater, FL20,8521065.7%
      West Perrine, FL9,6531098.8%
      Richmond West, FL37,12313131.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Cottage Grove, MN37,12011111.3%
      Greenfield, WI37,1171010.9%
      Mechanicsville, VA37,14111010.0%
      Côte-Saint-Luc, QC37,097n/a 
      Aventura, FL37,15113130.6%
      Richmond West, FL37,12313131.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.