Cost of Living in Temple Terrace, FL

An Overview of Cost of Living in Temple Terrace, FL

Understanding the cost of living in Temple Terrace 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 Temple Terrace cost of living index is 104, which is 4% 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.

The cost of living in Temple Terrace aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Temple Terrace residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

When it comes to the cost of living in Temple Terrace, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 23.3% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Temple Terrace Affordable?

Is Temple Terrace 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 Temple Terrace, the median home price is 24.4% higher than the national average and monthly rent prices are 20.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Temple Terrace boasting a median household income of $56,209, 1.6% higher than the national average.

What Factors can Influence the Cost of Living in Temple Terrace?

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Temple Terrace, the utilities index registers at 1.1% lower than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The Temple Terrace 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.