A-
9%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
34%
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 West Melbourne Florida National
Cost of living10998100
Goods & Services9398100
Groceries9999100
Health care9796100
Housing13496100
Transportation9899100
Utilities10997100

An Overview of Cost of Living in West Melbourne, FL

Knowing the cost of living in West Melbourne 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 West Melbourne stands at 109, marking it 9% higher than the national average.

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

Housing costs are a very significant part of the West Melbourne 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 34% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is West Melbourne Affordable?

Wondering if West Melbourne 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 West Melbourne, for example, the median home price is 30.4% higher than what folks pay nationally, and monthly rent is 42.6% higher than the usual rates. Plus, income levels matter too, with West Melbourne boasting a median household income of $75,552, which is 36.6% higher than the national average.

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

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In West Melbourne, the utilities index is 8.7% higher than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In West Melbourne, the groceries index is 0.6% lower 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 West Melbourne, 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.

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Cost Of Living Quick Facts

  • The cost of living in West Melbourne is 11% higher than the Florida average
  • The cost of living in West Melbourne is 9% higher than the national average
  • West Melbourne housing is 34% 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 West Melbourne

See all the best places to live around West Melbourne

Compare West Melbourne, 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$77,032$6,419$1,797$2,311
      Renters$68,000$5,667$1,587$2,040
      The affordability of the housing market in West Melbourne, FL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among West Melbourne homeowners, the median income is $77,032. This indicates that a monthly maximum of $1,797 should be spent by homeowners on all housing related costs. Renters have a median income of $68,000. This indicates that renters would have a maximum of $1,587 for their rent related monthly costs.

      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 West Melbourne National avg. Difference
      Haircut $21.00$24.2613.4%
      Beauty Salon $56.83$45.5624.7%
      Toothpaste $3.68$3.700.6%
      Shampoo $1.32$1.283.1%
      Movie $13.10$12.137.9%
      Bowling $14.75$18.0018.1%

      Groceries

      Item West Melbourne National avg. Difference
      Ground Beef $5.85$5.840.2%
      Fried Chicken $1.45$1.578.0%
      Milk $4.52$4.673.2%
      Potatoes $5.38$4.939.0%
      Pizza $12.62$12.094.4%
      Beer $10.69$10.412.6%

      Health Care

      Item West Melbourne National avg. Difference
      Optometrist $78.20$125.6837.8%
      Doctor $139.80$135.783.0%
      Dentist $132.83$113.2917.3%
      Ibuprofen $10.32$10.653.1%
      Lipitor $526.92$468.6012.4%

      Housing

      Item West Melbourne National avg. Difference
      Home Price $240,800.00$184,700.0030.4%
      Avg. Mortgage Payment $2,007.04$2,346.6914.5%
      Apartment Rent $1,353.00$949.0042.6%

      Transportation

      Item West Melbourne National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $54.85$59.928.5%

      Utilities

      Item West Melbourne National avg. Difference
      All Electricity $144.67$193.9925.4%
      Phone $196.14$192.252.0%
      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.
      Micco, FL8,9908811.7%
      Palm Bay, FL113,751981.7%
      Melbourne, FL82,2811000.2%
      Palm Shores, FL1,6221043.5%
      June Park, FL4,9321066.1%
      West Melbourne, FL23,4541098.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bailey's Crossroads, VA23,45913231.8%
      Moses Lake, WA23,4421033.3%
      Apollo Beach, FL23,48711515.3%
      Carteret, NJ23,50112120.8%
      Kingsville, ON23,502n/a 
      West Melbourne, FL23,4541098.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.