Cost of Living in St. Joseph, MO

An Overview of Cost of Living in St. Joseph, MO

Getting a feel for the cost of living in St. Joseph is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in St. Joseph is 87, which is 13% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

What Do Locals Say About the Cost of Living in St. Joseph?

Nobody knows their city better than the people who actually live there. So, we asked 7 local residents how they would rate the cost of living in St. Joseph and this is how they responded. 43% of people said that the cost of living was affordable, with prices decreasing, while 57% of people said that the cost of living was very expensive and prices continue to rise.

Is St. Joseph Affordable?

Wondering if St. Joseph is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In St. Joseph, for example, the median home price is 36.2% lower than what folks pay nationally, and monthly rent is 17.3% lower than the usual rates. Plus, income levels matter too, with St. Joseph boasting a median household income of $48,716, which is 11.9% lower than the national average.

What Factors can Influence the Cost of Living in St. Joseph?

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In St. Joseph, the prevailing sales tax rate starts at 4.225%, and income tax rates kick off at 1.5%.

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 St. Joseph, the housing index stands at 30.5% lower than the national average.

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 St. Joseph, the utilities index registers 9% higher than the national average.

Where is the Data From?

The St. Joseph 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.