The cost of living in Boston is one of the highest in the country at 50.8 percent above the national average.
Prices are a bit higher all around, but Boston costs less in general than major cities like New York City’s Manhattan or San Francisco. Other cities, like Seattle and Los Angeles, are more Boston’s equal when it comes to the overall cost of living.
Monthly costs really vary depending on where you live in Boston and what you love to do. If you need tickets to every Red Sox game, living expenses are going to go up. If you can’t resist the pull of the North End for dinner every Saturday night, your need a bigger budget.
Regardless of your indulgences, though, the cost of living in Boston is manageable if you understand what you’re getting into before you make the move. Check out how all the estimated monthly costs break down to see if this amazing but expensive city is right for you.
Boston housing prices
As is the case with other major metros across the U.S., the housing market — both for-sale and for-rent — is hot in Boston, with no signs of slowing down. Rentals are in demand, and with the huge influx of college students every fall, affordable units are hard to find.
Housing costs in Boston are 120.9 percent higher than the national average. That puts monthly rent up there with cities known for outrageous prices like San Francisco and New York City.
Although in Boston, rents only increased a little over last year. Still, the total price is high for both one-bed and two-bed units. An average one-bedroom apartment will cost you $3,922 per month, up 9 percent from last year. A two-bedroom comes in at $4,952 per month, up 5 percent over last year.
Of course, living further away from the city center helps bring prices down, but it’s still a challenge, especially as a single person, to find solid housing. You might have to settle for something a little small, or look for monthly rents slightly outside the city, but close to public transportation.
If you’re brave enough to try to buy in Boston, the median home price is $796,250, up 9.1 percent over last year. Homes stay on the market for about three weeks, which is not very long.
Boston cost by neighborhood
There are plenty of amazing neighborhoods to live in throughout Boston, and you can find one that works for you at almost any price point.
Of course, the most expensive neighborhoods are in the very heart of the city. They’ll give you a sweet address and put you in proximity to everything, but they’ll heavily impact your cost of living index. An average one-bedroom right in Downtown has a monthly cost of $4,463. Getting closer to Boston Common, Back Bay East is $4,383 for an average one-bed, an 83 percent price increase over last year.
Getting closer to the city’s average one-bed cost is Fenway-Kenmore and the South End.
Boston University and Northeastern University students flock to the cheaper neighborhoods once they move off campus for housing. They’re most interested in places like North Allston with one-beds at $2,175. They’ll even venture outside of the Boston metropolitan area to find a deal in places like Brighton.
Boston food prices
Boston has evolved into a foodie’s paradise over the last decade. In addition to its revered Irish pubs, lobster rolls and clam chowder, James Beard-award-winning chefs have opened esteemed eateries in just about every corner of the city specializing in a wide variety of cuisines.
Restaurant meals in Boston can vary, so there are affordable options for food. At an inexpensive restaurant, your average meal only costs $20, but if you’re on a date, a three-course meal for two rounds out to $83.
When it comes to groceries and home cooking, you can expect to spend slightly more as Boston’s food costs are 16 percent higher than the national average. That’s about the same as where prices stood last year.
How does this translate when you’re looking at food expenses? A steak is going to run you about $17.92. A half-gallon of milk and a box of cereal is $8.35. That six-pack of beer (preferably Sam Adams) rings out to about $10.99.
All of these are affordable items, but with a long grocery list, the money totals up fast. It’s why budgeting is so important to maintaining a solid quality of life.
Boston utility prices
Boston gives you all four seasons in the extremes. From red-hot summers to windy and snowy winters, you’ll definitely get some variety weather-wise.
This also means utilities are a big item on your list of expenses. Though many apartments you rent don’t come with central air, they all have heaters that you’ll run full blast through most of the winter. For AC, opt for a window unit, even though it will raise your electricity bill. In an average size apartment, you’ll need at least one per bedroom (a fan could work in the living area).
With all this, your utility cost in Boston is 23.5 percent above the national average. This is pretty on par with most New England cities. Your energy bill each month will cost you around $250.47.
Boston transportation prices
One of the great things about living in Boston is you don’t need a car. Public transit via the Massachusetts Bay Transportation Authority (a.k.a. the MBTA or The T) is so convenient. It also makes transportation expenses really a combination of traveling on The T and car care, if you decide to own one. Overall, transportation costs are 21.1 percent above the national average.
Being a driver in Boston does come with a hefty expense. Most apartments don’t have parking spaces as part of the rent, so you have to pay extra. Parking is almost always paid either in a garage or via meters, and any free spots fill up quickly and are hard to find.
Renting a monthly parking spot in Boston will cost you around $300 on average, and metered parking ranges from $2 to $3.75 per hour.
However, once you park in the city, it’s easy to cut back on transportation costs thanks to a highly walkable layout in this eastern Massachusetts town. All in all, Boston ranks high in terms of walking (an 89 walk score,) and is pretty friendly for bike riders (77 bike score), as well.
The Massachusetts Bay Transportation Authority
Bostonians may not love the MBTA, but they sure take advantage of The T when living in or near the city. This intricate subway system goes everywhere thanks to the Blue, Red, Green and Orange lines. There are also buses and the Silver Line to get locals everywhere a train doesn’t already go.
A one-way subway ride is $2.40, and bus fares are $1.70 per way. Using a CharlieTicket is the easiest way to ride, and this pass gives you access to commuter rail trips and ferry rides, as well.
Boston healthcare prices
Although it’s difficult to nail down specific healthcare costs because individuals have their own healthcare needs, the healthcare system in Boston is top tier.
The overall cost of healthcare in the city is 17 percent higher than the national average, a 2.5 percent dip over last year. This is less than in other large cities like Chicago, San Francisco and Seattle.
Even with this piece of your cost of living on the high side, individual medical visits aren’t too bad, even without insurance.
Doctor’s visits are around $182.50
Eye doctor visits are around $115.88
Dentist visits are around $131.50
And, with good insurance coverage, these prices go down even more, allowing a person to afford the care they need to stay healthy.
Boston goods and services prices
When it comes to quality of life, goods and services are a huge piece. This is everything in your budget each month you want to do but could live without if it became necessary.
Overall, goods and services are 19.9 percent above the national average. This means entertainment costs are usually higher for all the fun things you do out in the city like waiting to grab a pizza ($12.99) in the North End or going to see a movie ($14.96) off Boston Common.
Even with Boston’s higher prices, there are plenty of things to do in the city for free. Wander through the Public Garden or walk the Freedom Trail. It doesn’t cost anything to take in the history of this amazing place.
Taxes in Boston
Massachusetts has a state-wide sales tax only. Individual cities cannot add on to it. This means you’ll pay 6.25 percent on things you buy everywhere in the state. It also means that when you wrack up a $1,000 bill shopping on Newbury Street or around Quincy Market at Faneuil Hall, $62.50 goes straight to taxes.
To make Boston life a little easier, the state offers an annual sales tax holiday, usually in August. This is a tax-exempt weekend for retail items and a big shopping weekend for many.
How much do I need to earn to live in Boston?
Taking it from the experts, 30 percent of your salary should go toward rent. But, when talking about the cost of living in Boston, that number gets pretty high. Taking the average one-bedroom rent as the base ($3,863), you’d need to have an average salary of $154,520.
Even with a solid job market, the median household income is only $76,298. Most likely, your average salary is not going to make it possible to live alone in the heart of the city. But, you’ve got options. To get specific, use our rent calculator to compare your current budget and savings with the cost of living averages.
Living in Boston
Living in Boston certainly comes with the expectation you’ll shell out a lot of money to settle in. But, this is a place so worth considering. There are passionate people, a booming business climate, countless cultural institutions and world-class colleges and universities.
This information and more are things that every Bostonian knows. It’s what you’ll discover if you can make the cost of living in Boston work within your budget.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Set against the scenic backdrop of the Rocky Mountains, Denver is the best of both worlds for people looking for a big-city environment close to the great outdoors. In town, there’s amazing dining, arts, culture and sports like Colorado Rockies baseball. Just outside of town, you can go hiking, skiing, climbing and much more. It’s easy to see why it’s one of the best places to live in Colorado.
On top of all this, Denver also has an affordable cost of living that’s only 11 percent higher than the national average. This is down 1.4 percent from last year. Most cost of living categories here are actually below the national average. Combine affordable prices with the abundance of things to do and you have a great quality of life that appeals to everyone from families and young professionals. But there are some costly aspects of living in the Mile High City that you should know before uprooting your life to move out west. Here’s how the cost of living breaks down in Denver.
Denver housing prices
The cost of housing is Denver’s highest cost of living expense, rising 40.5 percent above the national average. Even though housing costs here have been going up over the past decade, the current rate is only 2 percent higher than last year.
From downtown to Five Points, Denver has tons of cool neighborhoods for renters. If you’re looking to rent an apartment here, the average monthly rent for a one-bedroom apartment is $2,077. This is 2 percent lower than last year. If you want to size up to a two-bedroom unit, it will set you back around $2,774 a month.
If you’re interested in buying a house in Denver, expect a competitive market. With city parks, good schools and easy access to the city center, Denver has many family-friendly districts and areas that are perfect for homeowners. The median sale price for a house here is $581,000, which is 8.6 percent higher than last year. This is much higher than the national median sale price for a house, which is $403,556.
Denver is by far Colorado’s most populous city. If you’re looking for affordable housing, it’s definitely one of the more expensive options. In Colorado Springs, Colorado’s second-biggest city, the average one-bedroom rent is $1,280. But there are also plenty of smaller cities in the Rocky Mountains that give Denver a run for its money cost-wise. Renting a one-bedroom apartment in the popular outdoorsy town of Boulder is $2,082 a month.
Denver food prices
From mountain climbing to hiking, Denver calls to people who love adventure. That extends to its food scene as well. The Mile High City boasts a diverse and exciting food scene including craft breweries, Mexican cuisine featuring locally-grown green chiles, Rocky Mountain oysters and much more. So if you’re looking for a dynamic and delicious foodie city, Denver could be right up your alley.
Whether you love dining out or dining in, the good news is that the food costs here are pretty affordable. The price of food is 6.6 percent lower than the national average, which is 0.3 percent less than last year. Going to the grocery store, a dozen eggs costs around $2.01, a half-gallon of milk is $1.97 and a loaf of bread is $3.63.
Some food prices here are slightly higher than elsewhere in the state. In Colorado Springs, that dozen eggs costs slightly less at $1.98. But some items are cheaper here, as you’d be paying $2.71 for a half-gallon of milk in Pueblo.
Denver utility prices
Due to its location in the Colorado high desert close to the Rockies, lots of people expect Denver to have hot, dry summers and frigid, snowy winters. But that’s actually not the case. Summers don’t get unbearably hot, with sunny and dry days. Winters can be cold but don’t get as much snow and bad weather as the nearby mountains.
As such, utility costs here aren’t as bad as could be expected due to this reasonable climate. Dropping 1.1 percent from last year, the cost of utilities here is 17.9 percent below the national average. Denver residents can expect to pay around $121.81 for energy each month.
This is actually on the low side of Colorado energy prices. In Colorado Springs, average monthly energy costs are around $195.42. Living in Pueblo, you’d be paying an average of $175.94 a month in total energy costs.
Denver transportation prices
Of all the good things you’ve heard about Denver, traffic and transportation probably aren’t on that list. Due to the rapidly-expanding population, local infrastructure hasn’t been able to keep up with the growth. This has led to notorious gridlock and bad traffic. In fact, it’s one of the worst cities for traffic in America.
Luckily, Denver also has a robust public transportation system, as well as affordable overall transportation costs. The cost of transportation here is 1.3 percent below the national average, which is 8.2 percent lower than last year.
If you do want to use public transportation here, you can use the Regional Transportation District, or RTD, mass transit system. This agency offers bus, rail and light rail transportation options throughout the city. Fares vary depending on the zone and type of transit. The fare for a single bus trip is $3, with a three-hour travel window. With a $6 day pass, riders have unlimited access to local buses and rail services. Local areas around central Denver are lower, with rates going up for regional travel throughout the metro area. A monthly local pass is $114, while a monthly regional pass is $200.
If you do prefer to drive to get around town, you should be aware of the toll road E-470 which heads out to the airport. However, this route heads along the eastern edge of the city and isn’t one of the main arteries for commuters. Unless you head to the airport a lot, you likely won’t need to use it much. You can also pay $35 for an ExpressToll account to use tolled express lanes around the city to get through the most heavily-trafficked areas.
Focus on the cost of a one-way trip (make sure you mention zone pricing if relevant) as well as weekly or monthly fare prices. Also be sure to take into consideration if trains have different rates than subways vs. buses, etc.
Denver is also a fairly walk- and bike-friendly city. With a walk score of 71 and a bike score of 78, it’s pretty easy to navigate the city center on foot or with your bike.
Denver healthcare prices
Colorado is one of the best states in America for healthcare quality and public health. With many top-ranked hospitals in and around the Denver area, locals have plenty of access to exceptional, top-notch medical care.
Along with the quality of care, affordable healthcare costs are another bonus of living here. Down 1 percent from last year, healthcare costs in Denver are 0.5 percent below the national average. Going to the doctor’s office costs roughly $105, and heading to the dentist will set you back around $116. The cost of prescription drugs is on the high side at $488.95.
Even though most of these healthcare costs are reasonable, it’s important to note that these rates won’t be the same for everyone. Healthcare costs vary depending on personal needs, making it difficult to come up with an accurate average. Some Denver locals may pay much higher for healthcare than others depending on insurance, necessary treatments and other health needs.
Healthcare costs here are pretty middle-of-the-road compared to the rest of Colorado. Going to the doctor’s office in Colorado Springs costs $137.50, but is only $95 in Pueblo.
Denver goods and services prices
Along with monthly expenses like housing, groceries and utilities, goods and services is another cost of living expense to consider. These are items or services to purchase or use on a semi-regular basis, like getting a haircut or going to the movies.
Denver has an active social scene, giving residents lots of opportunities for entertainment out on the town. Fortunately, the overall cost of goods and services is reasonable, being only 5.4 percent higher than the national average. This is 4 percent lower than the previous year.
As an example of what those figures mean, getting your hair cut in Denver costs an average of $24.75. This is cheaper than other cities like Colorado Springs, where it costs $26.43. Some costs here are more expensive, like movie tickets. Going to a movie in Denver costs around $14.23 for tickets compared to $11 in Pueblo.
Taxes in Denver
Living in Denver, the city sales tax is 4.81 percent. But that figure goes up to 8.81 percent when you also add Colorado state sales tax and several small taxes for the scientific and cultural fund and transportation.
If you’re spending $1,000 on ski gear getting ready for winter, you’ll be paying $88.1 extra in sales tax.
Denver and Colorado also levy a minimum marijuana sales tax of 15 percent. So if you enjoy partaking, that’s another tax to consider.
How much do I need to earn to live in Denver?
Now that you’ve seen what things like housing and food cost around Denver, the question remains of how much you have to make to comfortably live here.
A good rule of thumb is to only spend 30 percent of your monthly income on rent. This is because rent is typically your biggest monthly expense. Considering that the average rent in Denver is $2,135, you’d need to make $7,116 a month for that to be 30 percent of your monthly income. That comes out to $85,392 annually.
You can use our rent calculator to figure out what you can afford to pay in rent depending on income, location and other factors.
Living in Denver
Especially given its size and popularity, for the most part, Denver boasts a reasonable cost of living. Housing is the biggest exception, whereas other monthly expenses like food or utilities are on the affordable side. So if you can swing higher rents or mortgages, you may find living in Colorado’s capital city to be within your budget. Plus, you get amazing outdoor access, stunning mountain views and tons of big-city fun from sports and dining.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of November 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Dallas is a fast-growing and highly desirable city to live in. It’s ranked city No. 24 on U.S. News & World Report’s “Best Places to Live” list for a good reason. In Dallas, you can find big-city vibes as well as toned-down suburban-style living depending on where you settle down — making it suitable for any lifestyle.
The cost of living in Dallas is 7.7 percent higher than the national average, but it still costs less to live here than in cities like Los Angeles, Boston and Chicago. Within Dallas, the average rent is declining year-over-year, and if you have ever considered moving to Dallas, now is the time!
Before moving to Dallas, you should consider some basic expenses like housing, food and utilities. These are all common things to think about before making your move. The below sections will help you determine if living in Dallas makes sense for you.
Housing costs in Dallas
Experts predict the Dallas-Fort Worth metroplex to rank as the sixth-hottest housing market in the nation in 2021.
With that being said, you should know that the cost of living in Dallas for housing is 15.9 percent above the national average and properties do not sit on the market long. Don’t let that deter you from rolling your sleeves up and going after what you want. Just keep in mind that the market is pretty competitive.
Some of the most expensive neighborhoods to live in Dallas are Knox/Henderson, East Dallas, Main Street District and Vickery Place. To reside in one of these neighborhoods, you will find yourself paying $2,000 to $2,500 on average monthly rent for a one-bedroom apartment. Don’t worry though — you get your money’s worth. These neighborhoods are known for their walkability factor, unique restaurant options and upscale services.
On the other hand, you can live in neighborhoods like Highland Hills, Southeast Dallas or Riverway Estates and rent a one-bedroom for under $800. It depends on which amenities are important to you and the lifestyle you want to live within the city.
If you’re house hunting, you’ll also find a vast range of options. According to Redfin, the Dallas home market is up 17.1 percent since last year, and the median sale price is $410,000 — well above the national average of $353,000.
Food costs in Dallas
Food costs in Dallas are right around the national average, making it very reasonable to fill your belly and not break the bank. You can balance dining out at fancy rooftop restaurants with cost-effective home-cooked meals since groceries here remain fairly priced.
If you’re shopping for supermarket staples, you’ll see ground beef costs $4.42, a half-gallon of milk costs $1.97 and eggs are $1.15 for a dozen. There are also farmer’s markets on the weekends, specialty grocery stores for unique items or low-cost grocery stores for everyday essentials.
The foodie scene here is incredible, too. The benefit of living in Dallas means the meal options are endless — you can find something to fit any budget. You can score a food truck meal for under $5. Not into that? Scour the city for the best burger and pay $18 a pop.
Living in Dallas means getting used to having casual eateries, mid-priced options or five-star restaurants with highly accredited chefs right at your fingertips.
Utility costs in Dallas
What you pay for utilities will rely on usage, but you can expect them to run 8 percent above the national average. In case you haven’t heard, Texas summers are sizzling hot.
A monthly energy bill is close to $200, higher than in New York, Atlanta and even Los Angeles. Trying to stay cool in Dallas is no joke so just prepare to crank up that A/C.
The monthly cost of a phone bill is around $185, the internet is $45 and water bills are usually under $100. The cost of water is high in Texas due to the dry climate.
Transportation costs in Dallas
It’s very reasonably priced to get around Dallas, whether you own a car, take advantage of public transportation or use ride-booking services in the city. Dallas has a transit score of 45, a walk score of 57 and a bike score of 56.
There are newly built highways and toll roads that make getting from one side of Dallas to the other a breeze. If you own a Toll Tag, you get a special toll rate of 19 cents per mile — worth the initial $40 payment.
Dallas also has the DART (Dallas Area Rapid Transit) system, so if you don’t want to get behind the wheel, you buy a daily pass for $6 or a monthly pass for $96.
Transportation costs in Dallas are 6.8 percent under the national average. A gallon of regular unleaded gas costs $1.92 and is cheaper than in other large, popular Texas cities like Houston and Austin.
Healthcare costs in Dallas
Healthcare requirements vary so much from person to person, so it’s tough to come up with an average for overall healthcare. Just know that whether you are seeking a general family doctor, an emergency comes up or you need special medical attention, Dallas has elite healthcare providers, services, hospitals and facilities.
Medical City Dallas is an example of a leading health care provider. It’s one of the largest in the region and includes 16 hospitals employing over 17,000 employees.
Healthcare costs in Dallas remain steep — 13.8 percent higher than the national average. A doctor visit will run you $121, a trip to the dentist costs $134 and seeing the optometrist is $98.
Goods and services costs in Dallas
Aside from the essential bills, the goods and services category encompasses anything that is not consumable.
Dallas ranks 7.1 percent higher than the national average in this category. Examples include office pens, a new hairbrush, a movie ticket and services like dog grooming, landscaping and home repairs.
Dallas is a very pet and dog-friendly city but just know that a trip to the vet will set you back $64
A trip to a beauty salon averages $45, a movie ticket runs $11 and a yoga costs about $21 per class.
Taxes in Dallas
Fun little fact: There’s no state or local personal income tax in Texas. That means that there are no taxes at a state level for Social Security benefits, pensions, 401(k)s or any other type of retirement income. This helps save a bit of money and offsets the high property taxes, but you don’t have to worry about that if you’re renting.
Texas’ statewide sales tax is a modest 6.25 percent, but total sales taxes, including county and city taxes, sit at 8.25 percent. So, f you spend $100 in Dallas, you can expect to pay $8.25 in sales tax or less.
Dallas residents also benefit from three Texas tax-free weekends where the state and local taxes get waived for specific items.
How much do you need to earn in Dallas?
Experts suggest you not spend more than 30 percent of your annual income on housing.
If you take the average rent price for a one-bedroom in Dallas, which is $1,390, and multiply that by 12, you get what you need for housing for the year — $16,680.
So, to cover for housing that is 30 percent of your annual income, you need to earn at least $55,600 annually in Dallas. For more specific needs you can use our rent calculator.
Living in Dallas
While there are many things to consider before moving to Dallas, this vibrant city has a lot to offer. From budget-friendly living to lavish lifestyles and everything in between, Dallas is a great place to plant your roots and call home.
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
The cost of living in Minneapolis is on the rise, but it’s still affordable given the big city amenities it offers residents. More than 420,000 people call this Midwest city home.
Right now, the average rent in Minneapolis for a one-bedroom apartment is 1.88 percent higher on average than in Chicago. While the cost of living is 5.1 percent above the national average, this is quickly changing as housing demand increases with newcomers.
Photo source: Meet Minneapolis
Housing costs in Minneapolis
Minneapolis’ housing market — whether you’re renting or buying — has remained relatively steady over the past year. The average rent in Minneapolis has gone up 0.2 percent to $1,444 per month for a one-bedroom in the past year. This average rent fluctuates dramatically per neighborhood and amenities offered.
Living in Cedar Isles – Dean and North Loop is among the most expensive. The average rent for a one-bedroom in Cedar Isles – Dean is $2,759 while living in North Loop is in the $1,800 a month range. Neighborhoods closer to the average range in Minneapolis include Corcoran, Loring Park and Lyn-Lake.
If you’re looking to stay within Minneapolis and save a little on rent, you can find an apartment in Como and Elwells for about $900 a month on average or South St. Paul for $851 per month.
The average home price in Minneapolis at this time is $325,000. However, this is mainly dependent on the neighborhood. As of April 2021, home prices are up 7.6 percent compared to last year, according to Redfin. Most homes sell in fewer than 12 days.
Photo source: Meet Minneapolis
Food costs in Minneapolis
From its walleye to Scandinavian dishes, Minneapolis is known for everything from its comfort food and food trucks to fine dining restaurants.
Minneapolis’s cost of living for groceries is 2.6 percent above the national average. Expect to see eggs for $1.81, ground beef for $4.40 a pound and bread for $2.31.
Dining out at an inexpensive restaurant is about $16 a person while a pint of domestic beer is around $6, not including tip.
Utility costs in Minneapolis
Minneapolis tends to have warm and wet summers while winters are freezing and windy with snowy days and nights.
Minneapolis’ utility prices are 2.8 percent below the national average. You can expect your total energy costs of around $160.63 each month.
For the internet, the city has a limited amount of providers, but your bill will hover around $61.97 a month.
The state of Minnesota’s electric and natural gas utilities offer some rebates and incentives for customers if homeowners or renters want to make their spaces more energy-efficient. The Weatherization Assistance Program (WAP) provides assistance for income-qualified households with free home energy upgrades for homeowners and renters.
Photo source: Meet Minneapolis
Transportation costs in Minneapolis
Minneapolis ranks No. 77 as the most congested city in the United States. Drivers lose about nine hours a year and $133.71 sitting in traffic. The average commute is 27 minutes, according to a recent study. If you have to park, expect to spend $7.36 for a two-hour parking spot, on average.
Luckily, it’s easy to get around Minneapolis without a car. The city is in a grid layout and several buses crisscross the city. The Minneapolis METRO Light Rail offers 43 stops, including the Mall of America and terminals 1 and 2 of the MSP Airport. Buses offer even more coverage, with over 120 bus routes in the Twin Cities and surrounding area.
Its Nice Ride program is a fun, easy and affordable way to get around on two wheels. For just $2.50 a ride or $89 a year membership, more than 3,000 bikes or scooters are available at 400 stations.
Minneapolis‘ walk score is 75 but its bike score is a healthy 83 thanks to many neighborhoods with great paths and bike lanes. Its transit score is 57.
All in all, the cost of living for transportation in Minneapolis is right in line with the national average.
Healthcare costs in Minneapolis
Abbott Northwestern Hospital is nationally ranked in two adult specialties. As a teaching hospital, it’s also rated high performing in six adult specialties and 10 procedures and conditions, according to U.S. News and World Report.
Minneapolis healthcare costs are 2.2 percent higher than the national average.
While it’s tough to share an average for overall healthcare since each person’s healthcare needs will be different, a regular doctor visit costs $147.85 on average while a prescription drug can set you back $437.87 on average (without insurance of some kind).
You can pick up ibuprofen at your local pharmacy for $11.90 on average.
Goods and services costs in Minneapolis
Beyond essential bills, Minnesotans can expect to spend 11.2 percent above the national average on goods and services across different categories.
While many neighborhoods throughout Minneapolis are pet-friendly, expect to spend around $65.82 on average for vet services.
Enjoy practicing yoga? A pop-in yoga class is around $22.57, although you can save money by buying in bulk or becoming a member.
There are also plenty of exercise facilities throughout the city and some apartment buildings offer a fitness facility on their properties as an amenity.
Taxes in Minneapolis
The Minnesota state sales tax rate is currently 6.875 percent and depending on local municipalities, the total tax rate gets as high as 8.375 percent. In Minneapolis, the sales tax rate is 8.025 percent, broken down as follows: Minnesota State: 6.875 percent; Hennepin County: 0.150 percent; Minneapolis: 0.500 percent; Hennepin County Transit: 0.500 percent.
For example, a laptop computer on sale for $1,000 will cost 1080.25 with taxes.
Minnesota’s income tax is a graduated tax with four rates currently: 5.35 percent, 7.05 percent, 7.85 percent and 9.85 percent. Rates apply to income brackets — varying by filing status.
How much do I need to earn to live in Minneapolis?
Most financial advisors recommend keeping your rent payment at 30 percent of your gross income or less. You would need to make at least $57,800 annually to afford a one-bedroom apartment in Minneapolis. Currently, a one-bedroom costs $1,445 per month on average.
For perspective, an average Minneapolis resident makes around $71,000 a year. Want to know where you stand with your current budget? Use our rent calculator to get a high view of how it would change after moving to Minneapolis.
Living in Minneapolis
Minneapolis residents enjoy living in an affordable city and having easy access to nature and the outdoors as well as great food, a vibrant indie music scene and big-city amenities.
If Minneapolis is calling your name, you can find great apartments for rent or homes to buy here today.
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
As a Chicago-based freelance writer, Megy Karydes has covered everything from space-aged tomato seeds grown in a Chicago Public School to Chicago Blues musician Lurrie Bell. Her work has been featured in USA Today, Travel + Leisure, Midwest Living magazine and other national and regional media outlets. When she’s not out exploring the city with her two children and husband, she’s perfecting her air hockey technique.
The Miami housing and rental market presents a unique blend of opportunities and challenges for both renters and buyers. Situated within Florida’s sun-kissed coastlines, Miami’s real estate echoes the city’s culture and its reputation as a hub for international commerce, tourism and upscale fun under the sun.
As a city known for its varied neighborhoods, ranging from the upscale allure of South Beach to the historic charm of areas like Little Havana and Coral Way, Miami’s housing market is full of different living options. The city’s real estate scene is not just about finding a place to live; it’s about embracing a lifestyle shaped by tropical climates, scenic beaches and a melting pot of cultures from across the globe.
The Miami housing market, at a glance
This article delves into the current state of the housing and rental markets in Miami, providing an in-depth analysis of neighborhood-specific trends and data. From the recent price surges in neighborhoods like the Upper Eastside to the more affordable options in areas like Riverview, we provide insights catering to a range of preferences and budget restrictions.
Whether you’re a potential homebuyer, a lifelong renter or just someone curious about Miami real estate, this article will be your detailed guide to understanding why Miami continues to be such a desirable and undeniably unique place to call home.
Neighborhoods by the numbers
Upper Eastside: This area north of Wynwood has seen a notable increase in rental prices, with an average one-bedroom rent at $1,910. Its proximity to popular locations and beautiful views of the bay only add to its status as a top location fro renters and homebuyers in Miami.
South Beach: Known for its legendary nightlife, South Beach’s rent has risen by 7.6% over the past year. The average rent for a one-bedroom apartment is $1,986, reflecting its popularity and the lifestyle it offers.
Dadeland: As an inland neighborhood, Dadeland’s average rent for a one-bedroom apartment is $2,099. Its connection to the Metrorail makes it an appealing choice for those seeking connectivity to Downtown Miami and the Miami International Airport.
Coral Way: This neighborhood has a median rent of $2,375 for a one-bedroom and $2,924 for a two-bedroom unit. Known for its stunning architecture and natural beauty, Coral Way offers a unique living experience in Miami.
Liberty City: With median rents of $1,300 for a one-bedroom and $1,250 for a two-bedroom apartment, Liberty City is an affordable option. The area is transforming at the moment, aiming to improve living conditions and opportunities for residents.
Spring Garden: This historic neighborhood offers a mix of nature and city living, with median rents at $2,499 for a one-bedroom and $1,950 for a two-bedroom apartment. Its park-like atmosphere makes it an attractive choice for those seeking green spaces.
Little River: Emerging as a trendy area, Little River has median rents of $1,350 for a one-bedroom and $1,500 for a two-bedroom apartment. The neighborhood is becoming increasingly walkable and is home to art studios, entertainment venues and restaurants in one area.
Little Haiti: Known for its culture and culinary prowess, Little Haiti offers relatively affordable living with median rents of $1,250 for a one-bedroom and $1,650 for a two-bedroom apartment.
Edgewater: This neighborhood has seen a decline in rental prices, making it an affordable option with an average two-bedroom rent of $2,394. Its proximity to Wynwood and Biscayne Bay only adds to its appeal.
Fountainebleau: Near Florida International University, Fountainebleau offers average two-bedroom rents of $1,819, catering to a younger demographic and college students.
Riverside: A highly populated neighborhood with a busy feel, Riverside offers average two-bedroom rents of $1,628. Its central location makes commuting to other parts of the city extremely convenient.
Riverview: The most affordable neighborhood in Miami, Riverview offers an average two-bedroom rent of $1,356, a decline of 4.26% since 2021.
Affordable neighborhoods
Miami Urban Acres: Near Coral Gables, this neighborhood offers convenience and accessibility to top Miami attractions without the high costs associated with more central locations.
Edgewater: Surprisingly affordable despite its proximity to Downtown and Biscayne Bay, Edgewater has seen a decrease in rents, making it an attractive option for many.
Fountainbleau: This neighborhood is popular among students and young professionals, offering affordable living with plenty of amenities.
Riverside & Riverview: These neighborhoods provide affordable housing options with good access to Downtown and a lively community atmosphere.
Cost of living
Miami’s cost of living is about 6.3% above the national average, influenced by factors like transportation and goods and services prices. Despite this, healthcare costs in Miami are 1.4% below the national average. Public transportation options like the Metrobus, Metrorail and Metromover provide affordable travel within the city, although owning a car is definitely a good idea due to the city’s spread-out nature.
Make the move to Miami
The Miami housing market offers a range of options from upscale neighborhoods like South Beach and Coral Way to more affordable areas like Liberty City and Riverview. The cost of living, influenced by factors like transportation, healthcare,and taxes, varies across different neighborhoods. Miami’s unique perks like its tropical climate, beach access and cultural diversity add to its appeal as a residential destination.
If all the information above has you clamoring to make the move to Miami, you’re in the right place to start down the road toward finding that perfect place.
Houston relocations are up yet again, and it’s no surprise considering the city’s low cost of living.
With a metro area population of over seven million, Houston is booming. New residents are discovering the perks of living in one of the most popular cities in the Lone Star State. With a diverse population, sunny climate and plenty of entertainment options, Houston is an excellent choice for many young families and working professionals. According to labor statistics, it also has a rapidly growing job market.
Best of all, Houston‘s overall cost of living is nearly 6 percent under the national average — pretty impressive for the fourth-largest city in the nation.
Cost of living in Houston
Figuring out the cost of living index for a city requires a lot of comprehensive information and data. From accommodations and food to healthcare and goods and services, here’s how it all breaks down.
Housing costs and average rent
Data shows that housing costs in Houston neighborhoods are 18.6 percent lower than the national average. When it comes to renting, you can’t beat the price.
The average rent in Houston is just $1,264 (up 16 percent from the local average last year) for a one-bedroom. Rent prices for studio apartments are around $1,375 and two-bedroom apartments average $1,649. Of course, rent varies depending on which Houston neighborhoods you choose to call home. Also, splurging for a fancy apartment will also drive up the cost of the rent.
Most expensive and affordable neighborhoods
According to rent statistics, the Museum District, Uptown-Galleria and Downtown Houston are the most expensive neighborhoods in Houston for renters. The Museum District neighborhood is the cultural hub of the city, home to Hermann Park, the Houston Zoo and the Museum of Fine Arts. Average apartment rent prices here range from $2,264 to $2,049. Downtown is another popular area with great dining, things to do and outdoor fun at spots like Buffalo Bayou Park.
Medical Center and Great Uptown are two other top-tier expensive neighborhoods for rent in Houston.
For the most affordable neighborhoods in the city, rent in areas like Hearthwood Condominiums, North Houston and East Houston. These are popular areas for budget-conscious renters and families seeking affordability and good schools. You can find one-bedroom housing units starting at $686 in rent and going up to $738 in these areas.
Most popular neighborhoods
If you’re looking for a happy balance between affordable rent and quality of life, you may want to consider an apartment in one of Houston’s most popular neighborhoods. The Waterford Square neighborhood, Inner Loop and Montrose are among the most popular Houston neighborhoods.
Here, renters will find apartment rent in the $1,578 to $1,265 range. But they generally are more hip, desirable areas to live in, with better access to amenities and entertainment than some of the more affordable areas. That can include trendy art and dining districts like those in Montrose, schools, parks and more.
Buying a house
When you’re ready to buy a house in a local neighborhood, Houston offers some of the lowest home prices in the nation among large cities. Data provided by sister company Redfin shows that the median cost for a single-family home is around $312,000. In other cities like Austin and Dallas, average home costs vary from $405,000 to $581,000. San Antonio is a little more affordable than Houston. The homeowner’s market here is also not as cut-throat as in other major cities, giving you better chances to score your dream house in your dream neighborhood.
Food costs
The cost of living in Houston for food is cheaper than in other parts of the country. Average food prices are nearly 4 percent lower than the national average.
A dozen Grade A eggs typically cost just $1.55, while a loaf of whole wheat bread runs around $3.62 and a pound of ground beef is $4.14.
Unfortunately, the price of some basic grocery items here is higher than in other major Lone Star State cities. While a half-gallon of milk in Houston will cost around $2.04, it would be $1.98 in Austin.
Not a fan of cooking at home? Texans love to eat out and typically do so up to seven days a week. According to data from Zagat, Houston locals dine out more than any other city in the nation.
Utility costs
Utilities are the only cost of living factor that’s higher than the national average. All those hot Houston summers will run up your electricity bill. On average, Houstonians should expect to pay around $194 per month on total energy costs — 7.4 percent higher than the national average.
Houston operates with a privatized energy distribution model. Consumers can save money by comparing energy providers like CenterPoint Energy or TXU Energy.
Impressively, Houston gets 92 percent of its power from renewable energy sources like solar and wind. That puts it up there with places like San Francisco as a leader in renewable energy usage.
Transportation costs
Houston is largely a commuting city, so having a car is necessary for many parts of the metro area. But it still does have a reliable public transit system. If you live closer to downtown, you can get around primarily relying on public transportation or by walking and biking. Houston has a fairly decent walk score of 55 and bike score of 53, though the city’s transit score is just 46 out of 100.
Luckily, data shows that transportation expenses in Houston are almost 4 percent cheaper than the national average. So, if you do need to use or rely on public transit, it’s affordable.
The METRO system’s fares for local buses or METRORail is just $1.25 per ride or $3 for a Day Pass. Frequent riders can use a METRO Q Fare Card that acts as a digital wallet. It also grants users free unlimited transfers for up to 3 hours after starting their trip.
If you own your own vehicle, getting around on Houston’s major toll roads will cost you between $0.50 and $1.75 per segment of highway. Most drivers opt for the EZ TAG automatic toll pass.
Parking in downtown Houston is pricey. Monthly parking rates vary by location but you can find deals for as little as $50 a month in low-demand areas. Meanwhile, average rates in high-demand areas range from $150 to $400.
Gas prices and car repair costs
Houston’s gas prices are some of the cheapest in the nation. A gallon of regular unleaded averaged $2.40 in 2021. However, this is subject to change and market volatility.
Auto maintenance is also affordably priced at just $55.89 for a tire balance service.
Healthcare costs
The cost of healthcare in Houston is 3.6 percent cheaper than the rest of the nation, despite offering some of the best world-class facilities. Houston hospitals often score top-ranking positions in U.S. News & World Report’s “Best Hospitals Honor Roll and Medical Specialties Rankings” list.
While calculating an average cost for unique individual healthcare needs is difficult, you can get a good idea of the price of medical expenses in Houston by looking at the average cost of some basic services. A visit to the doctor is around $92, while an optometrist appointment costs just under $100 on average and a dentist visit just over $107.
Meanwhile, an OTC medication like Ibuprofen costs an average of $9.83. Also, the average cost of prescription drugs comes in at just under $472 (without insurance).
Just as with your own personal healthcare costs, pet care costs less in Houston. A typical vet visit should run just about $54.
Goods and services costs
The price of other miscellaneous goods and services in the Houston area hovers just above the national average (0.8 percent). Nearly everything from your mechanic to your clothing will cost about the same as it would elsewhere.
Houston is home to plenty of entertainment options, so date night here is affordable. Movie tickets are reasonably priced at $9.63 per ticket, even lower than other in-state metro areas like El Paso and Dallas.
Personal care expenses are also cheaper in Houston. A basic haircut comes in at an average of $21.69, while a visit to the dry cleaners will cost an average of $9.47.
Taxes
In Texas, you’ll have no state income tax munching away a large portion of your paycheck. However, if you’re a homeowner, you may use some of that larger take-home pay on property taxes. Texas has the seventh-highest property tax rate in the nation.
Texas does have a state sales tax, which is 6.25 percent. Various other taxes like county or city can bring that up to 8.25 percent.
The Lone Star State also typically holds an annual sales tax holiday in the fall for clothing and back-to-school supplies and another in the spring for emergency preparation supplies.
How much do I need to earn to live in Houston?
Financial experts advise keeping your rent or other housing expenses under 30 percent of your total household budget. You want to have enough for rent and to still live comfortably and enjoy city life. Considering the average rent in Houston is $1,264, that means you would need to make at least $50,560 to reasonably afford a one-bedroom apartment to rent in Houston.
Since the average annual salary in Houston is $74,000, you can cover rent in Houston comfortably and have plenty left for all other Houston costs of living expenses.
To help determine how much rent you can afford based on your annual salary, check out our handy rent and cost of living calculator.
Living in Houston
The cost of living in Houston is a bargain for those used to high prices in other urban areas. All categories except for utilities run lower than the national average. Everything from groceries to food is affordable. Living in the city, Houston locals have access to everything from great dining to world-class art. Plus, the average rent in Houston will feel like a breath of fresh air to many transplants.
For these reasons, relocation to Houston in 2022 is a great move.
Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of March 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Austin has a reputation as a global live music capital, a hipster haven and an outdoor enthusiast’s dream come true. Best of all? The cost of living in Austin is still more affordable than most bustling metropolises.
Even though locals complain about skyrocketing prices, the overall cost of living in the Lone Star State capital is just a fraction higher — only 1.2 percent — compared to other cities.
The most expensive part of living in Austin is housing, but even that’s offset by savings on gas prices, transportation, utilities and food. It would be negligent not to mention the quality of life — which is impossible to put a price tag on — that Austinites will proudly tell you is one of the highest around.
Year-over-year cost of living changes in Austin
We’ll deep dive into the data and highlight the cost of living and rent in Austin, but first, here’s a snapshot of year-over-year changes in the cost of living in Austin.
Groceries: -0.22%
Housing: +1.82%
Utilities: no change
Transportation expenses: -3.57%
Healthcare: -3.41%
Miscellaneous expenses: -2.23%
As you can see, in most categories, the cost of living has actually decreased. However, the average housing costs increased by almost 2 percent.
Now that we’ve highlighted annual changes from the past year, let’s look into each category so you can put together a living calculator and determine if this is one of the best places for you to call home.
Average rent is cheaper than San Francisco
How you feel about the housing market in Austin depends on where you’re coming from. New York City and San Francisco transplants will find property value refreshingly affordable, while those moving to Austin from smaller cities may find average rent surprisingly expensive.
Average rents for Austin apartments have increased compared to last year. A one-bedroom apartment in Downtown Austin is up 45 percent and costs an average of $1,523 per month. Of course, the cost of housing varies pretty dramatically depending on what part of Austin you’re in.
Average apartment rent in Austin
When you compare the cost of rent for a one-bedroom in Austin to a one-bedroom in San Francisco, you’ll realize the price difference. A one-bedroom in San Fran averages $3,368 a month.
Minutes from Downtown and a short walk to all things boutique and hip, Bouldin Creek rents average around $3,037 per month. Triangle Slate, Central Austin and Barton Hills have all seen price hikes for one-bedroom apartments and range from $2,146 to $2,588. These are some of the most popular neighborhoods and you’ll pay a higher price to live here.
More typical, however, are the family-friendly neighborhoods of Clarksville and Brentwood, with average rents ranging from $1,825 to $1,839, respectively.
For bargain hunters, it’s possible to find even better deals on rent, like $950 in Crestview or $1,000 a month for a one-bedroom in North Loop.
Average cost of homeownership in Austin
Homebuyers will probably not be surprised to find that the real estate market is hot and housing prices are competitive. Housing costs in Austin are 11.8 percent higher than the national average. Data shows the average cost of a home in the best neighborhoods of Austin is $565,000.
Of course, home prices vary, but one thing is certain — most are going well above the asking price. In fact, according to Redfin, homes in Austin are selling at the biggest premium in the country, seven percent above asking prices and are on the market for an average of 38 days.
Cost of food in Austin
Food costs vary from Houston to Dallas to Austin, but one thing is for sure — foodies have much to celebrate in Austin. From celebrity chefs to taco trucks, good eats await around every corner, at every price point.
Budget diners can enjoy Taco Tuesdays at Quality Seafood with $2 beers and $2 seafood tacos. On the higher end, Sunday brunchers can savor authentic Mexican fare at Fonda San Miguel for around $39 per person.
Groceries in Austin cost about 8 percent below the national average. A dozen eggs will set you back $1.56, a half-gallon of milk is $1.98 and everyone’s favorite morning beverage, coffee, will cost $4.04.
Overall, Austinites will pay less for groceries compared to other cities. In fact, the cost of food decreased by 0.22 percent since last year in the same location, according to coli.org data.
Utility costs in Austin
Austinites are an outdoorsy bunch, whether it’s kicking back at a music festival or taking care of business from a coffee shop patio. But don’t be fooled by the sometimes mild climate — this is a city that loves its air conditioning and is willing to pay for it.
Luckily, utilities are about 5 percent below the national average, totaling around $155.01 a month for your total energy bill.
When you calculate the average rent and cost of living in Austin, don’t forget to include the cost of utilities. Your average rent budget should account for the cost of electricity, water, sewage, gas and internet.
Transportation costs in Austin
First, the good news: Transportation costs in Austin are about 14 percent lower than the national average. Now, the bad news: There’s a reason Austinites love to complain about the traffic.
With only two east-west interstates and no ring road around the metro, traffic in town is nothing to scoff at. Austin is often ranked in the top 10 worst commutes in the country, with average commute times around 40 minutes. One of the keys to happiness for life in this city is minimizing the time you spend on freeways.
Public transportation in Austin
The city has a fair transit score of 44 — primarily because of urban sprawl. Settling down in an area with access to public transportation can relieve some of the headaches of your daily commute. CapMetro is the local transit system, and it includes bus routes, light rail and university and airport shuttle buses.
Overall, CapMetro is an affordable option for getting around — if you’re not in a hurry. Kids under 18 ride free on all services, and the standard single-ride bus fare is $1.25. You can expect to pay $41.25 for a 31-day pass.
Even with the sweltering heat and sprawl, Austin’s overall walk score is 62. And with a bike score of 70, cyclists find Austin generally bike-friendly. However, the central parts of town are the most bikeable parts of the city and the most walkable: Downtown, Cedar Park, Central East Austin, all University of Texas areas, Hyde Park and Old West Austin. CapMetro buses and trains have bicycle racks that make it easy for folks to do a hybrid bike commute, even if they live in the suburbs.
Whether you’re using public transit to and from schools or your university or your job, renters can rely on public transit to get them around. Just don’t forget to account for this with your annual salary.
Driving costs in Austin
There are a handful of toll roads around Austin, which can significantly reduce driving times from the suburbs. The rates are confusing and vary dramatically, ranging from $0.62 to $2.79. For savings and convenience, a TxTag reduces tolls by about 25 percent and deducts from a prepaid account.
Driving is most people’s primary mode of getting around town, but it comes at a premium. Parking costs an average of $219 per month, and gasoline — while lower than the national average — still costs around $3.85 a gallon. Tire balancing costs about 10 percent less than the national average of about $43.10.
Healthcare costs in Austin
Always a hot-button issue, healthcare costs are one of those areas where your mileage may vary. Taking that into consideration, there are some general benchmarks that can give you an idea of overall healthcare costs in Austin.
A visit to an Austin dentist for a routine examination typically costs around $119, and a regular checkup with a family doctor will run you about $111.
If you’re paying out of pocket, expect to shell out around $473 for a prescription, which is right in line with the national average. But if an Ibuprofen is all you need, then you’re in luck — at $8.79 for a bottle, it’s a bargain.
Goods and services costs in Austin
Having covered the bare necessities, that leaves a world of non-essential — but not unimportant — spending to consider. Austin ranks well in this area, with goods and services just barely more than the national average.
Austin is a film buff’s dream — full of movie theaters showing everything from obscure classics to mega-blockbusters. An average movie ticket costs just $10.53, and if you’re at a BYOB backyard event, a six-pack of beer will set you back $10.12.
Staying fit and looking sharp is easy in Austin. Yoga studios dot the city, and the typical class fee is around $20, although monthly memberships will cut that fee in half or less.
Haircuts cost on average $28, and a visit to a beauty salon is usually around $50.
Even if you’re on a tight budget, you’ll find a ton of free entertainment and opportunities for physical activity in the many parks around town.
Taxes in Austin
For anyone new to the great state of Texas, the big bonus is that there’s no state income tax, which everyone loves come tax time. Effectively, tax rates are non-existent.
State sales tax is 6.25 percent which makes up most of the 8.25 percent sales tax in Austin. So, if you drop $1,000 on a flat-screen TV, you’ll spend an extra $82.50 in tax.
However, there are four sales tax holidays each year in Austin, each offering breaks in different categories. April is for emergency preparation supplies, Memorial Day weekend is for EnergyStar appliances and water-efficient products and August is for back-to-school items. These are perfect opportunities to buy big-ticket items at considerable savings.
How much do you need to earn to live in Austin?
For overall financial stability and well-being, finance experts recommend that your rent should not exceed 30 percent of your budget. For an average $1,599 apartment, that means that your average salary is $63,960.
According to the U.S. Census Bureau data, the average Austin income is $71,576. Use our rent calculator to see for yourself how you might need to tweak your budget to afford the average rent for an apartment in Austin.
Living in Austin
Most locals will tell you that life in the ATX lives up to the hype. “Come for the mild weather, stay for the Tex-Mex,” they say. OK, maybe nobody says that, but they definitely should.
Austin offers all the amenities of a big city — a booming economy, excellent food and world-class entertainment — while maintaining a famously small-town feel. From professional opportunities at tech companies to natural beauty, there’s always something more to explore in Texas’ capital city.
Regardless of your budget or tastes, there’s a home in Austin waiting for you. Check out the apartments for rent in Austin and find your landing spot today.
Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of March 2022. Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Colorado Springs is a charming mountain city with access to some of the most scenic hiking trails in the Front Range. Home to Garden of the Gods, the Air Force Academy and the Olympic Training Center, this growing burg is brimming with culture and amenities.
With an average of 300 sunny days per year, Colorado is an understandably desirable place to live and has seen steady growth in population for years. Despite the influx of new residents, Colorado Springs still maintains the welcoming vibe of a small town and is consistently ranked as one of the best places to live in the Centennial State. But does its small-town charm translate to small-town prices?
Right now, the cost of living in Colorado Springs is 3.4 percent above the national average. This number continues to grow. Compared with the nearby city of Denver, housing prices in Colorado Springs are currently 32.1 percent lower than the Mile High City.
Explore the costs of living in Colorado Springs, from housing to food and healthcare, and discover if a move to the Front Range is right for you.
Housing costs in Colorado Springs
The housing market in Colorado Springs is competitive and fast-paced, but renters are in luck.
The average price of a one-bedroom in Colorado Springs is currently $1,024 per month, a decrease of 24.6 percent from the previous year. Of course, this number is dependent mainly on the neighborhood.
Among the most expensive neighborhoods are Kissing Camels, Norwood and Wagon Trails. The average cost-per-month of a one-bedroom apartment ranges from $1,548 to $1,723.
Areas that price out closer to the city’s average are East Colorado Springs, Garden Ranch and Ivywild, with the average cost of a one-bedroom falling between $1,000 and $1,068 per month in these areas.
If you’re looking for a centrally located home close to downtown, you’ll find the most affordable apartments in Stratton Meadows, where a one-bedroom averages $887 per month, or Shooks Run at $846 per month.
Currently, the median sale price for a home in Colorado Springs is $377,643. As of May 2021, home prices are up 21.6 percent since last year, according to Redfin. The local housing market is highly competitive, meaning that most homes receive multiple offers. Homes are also selling for about 4 percent more than the list price, on average.
Food costs in Colorado Springs
Colorado Springs boasts a wide array of international cuisine — from authentic Mexican and Indian to German and British fare. There’s an abundance of culinary opportunities with dining options ranging from casual family dining to luxurious special-occasion restaurants.
Outdoor dining is another popular choice here; between the city’s breathtaking views of the Rocky Mountains and the famously sunny weather, there’s no shortage of patio seating.
Groceries in Colorado Springs will cost you around 3.4 percent less than the national average. You can expect to pay $3.57 for a loaf of bread, $1.27 for a dozen eggs and $4.33 for ground beef.
Locals often hunt for bargains and ultra-fresh produce at one of the many farmer’s markets in the city.
Utility costs in Colorado Springs
Colorado has some of the best skiing in the world, but all that snow means your heating bill will see a jump in the winter.
Overall, the utility costs in Colorado Springs are just 0.9 percent below the national average. You can expect your total energy cost to come in around $165.12 per month.
Transportation costs in Colorado Springs
Traffic in Colorado Springs is surprisingly uncongested for a city of its size.
Commuters spend an average of four extra minutes per 30 minutes of commute-time during the morning rush hour and seven more minutes in the evening, with an average commute of around 22 minutes.
Heavy congestion on major roads is rare, and many members of the community choose to drive. You can expect to pay $2.41 for a gallon of regular unleaded at the pump.
Downtown Colorado Springs and Old Colorado City employ parking meters, with the parking charge per hour starting at $1.25 closest to the city center. Meters on the periphery of downtown will cost you $0.75 per hour. City-operated garages downtown charge a daily maximum of $9 or $70 per month. Parking outside of the city center is typically free.
Colorado Springs public transportation
Those who prefer public transit can take the Mountain Metro Transit, the city’s bus system, with a comprehensive route traversing most of the town. The basic cash fare for adults is $1.75, while youths, seniors and Medicaid or disabled folks will pay $0.85. Transfers are free and issued upon request with paid fare and are good for 2 hours or three rides on one-way trips.
Discount Metro tickets can also be purchased. Unlimited ride Day Passes coming in at $4 and unlimited 31-Day Tickets at $63. The city’s transit score is 20.
Colorado Springs has a bike score of 46 and a walk score of 37, with miles of paved bike paths inside and around the city for recreational cycling and walking. The mostly-paved Pikes Peak Greenway runs through the center of town, connecting to the Santa Fe Trail in the north and the Fountain Creek Regional Trail in the south. Other inner-city bike paths include the Cottonwood Creek Trail, Shooks Run Trail and the Midland Trail. Interactive bike maps make planning your commute or joyride a breeze.
Overall, the cost of living for transportation in the city is 9 percent above the national average.
Healthcare costs in Colorado Springs
Colorado Springs has been a destination for health-seekers since its early days as a haven for tuberculosis patients. Many doctors in the 19th century believed that high altitude and sunshine were a cure for TB. Coincidentally, the influx of wealthy TB patients to the then-resort town of Colorado Springs was instrumental in putting the small city on the map.
Today, Colorado Springs is home to the award-winning UCHealth Memorial Hospital and Penrose-St. Francis Health Services. Kids can receive high-quality care at the new Children’s Hospital Colorado Springs location.
Calculating average healthcare costs is difficult because these costs vary widely depending on each person’s health situation. The local healthcare costs are 4.6 percent higher than the national average.
A regular doctor’s visit might cost an average of $126.71, while a trip to the dentist will cost $105.77 on average. Prescription drugs, without insurance, cost an average of $471.44, and a bottle of ibuprofen will cost around $9.03.
Goods and services costs in Colorado Springs
Colorado Springs boasts a wide selection of fitness facilities and opportunities, whether you’re a CrossFit aficionado or more of a Pilates person. Yoga enthusiasts can expect to pay a little more than $15 per class.
If you want to save a few bucks and still be healthy, check out the nearby hiking trails. Colorado Springs boasts several open spaces within the city limits, many of which contain trail systems for easy access hiking.
Garden of the Gods, located on the west side of town, is an iconic landmark and recreation hotspot for locals and tourists alike. Admission is free for this city-owned National Natural Landmark.
If you’re a pet owner, you can expect to pay an average of $56.54 per routine vet visit. Pet licensing —required for all dogs and cats over the age of 4 months — can cost anywhere from $10 to $75 depending on a variety of factors.
Overall, the cost of goods and services in Colorado Springs is about 3 percent more than the national average.
Taxes in Colorado Springs
Colorado Springs resides entirely within El Paso County. The Colorado sales tax rate is currently 2.9 percent, while the El Paso County sales tax is 1.23 percent.
Colorado Springs recently reduced its sales tax to 3.07 percent. Therefore, the minimum combined sales tax for Colorado Springs is now 8.2 percent. So, when you spend $100 at the Promenade Shops at Briargate, for example, you’ll pay $8.20 in sales tax.
Colorado does not tax most groceries.
How much do you need to earn to live in Colorado Springs?
The average rent for a one-bedroom apartment in the city is $1,024.
Most financial advisors recommend spending no more than 30 percent of your annual income on rent. This means you would need to earn around $40,960 per year to comfortably afford a one-bedroom apartment in Colorado Springs.
To give these numbers some context, the median household income in Colorado Springs is about $65,000 and the per capita median income is around $34,000.
Use our rent calculator to quickly discover how much you can afford to spend on rent with your current salary.
Living in Colorado Springs
Recently ranked fourth Best Place to Live by U.S. News & World Report, Colorado Springs is a mountain oasis. Gorgeous weather and miles of surrounding natural beauty make this city a unique treasure in the heart of the American West.
With a growing economy and an increasing demand for tech-talent labor, there’s never been a better time to relocate. Find your ideal Colorado Springs apartment to rent today.
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Inside: Are you finding yourself struggling to cover unexpected expenses? This guide will teach you how to create a financial plan and budget that will help you avoid costly surprises.
Life is full of surprises, and not all of them are pleasant. Sometimes, these surprises come in the form of unexpected expenses, hitting when one least expects them.
This can leave you devasted financially. Over the years, we have been slapped with unplanned costs and left scrambling.
However, you can successfully navigate through the rollercoaster ride of money management.
The key is knowing “What are unexpected expenses?’ Along with the knowledge equips you to avoid or mitigate them.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What are Unexpected Expenses?
In the realm of personal finance, unexpected expenses are costs you haven’t foreseen or budgeted for. They strike out of nowhere, leaving you scrambling to balance your finances.
These expenses differ from other cost categories such as fixed expenses (weekly, monthly, and recurring costs like rent) and variable expenses (those that do not happen regularly but vary in cost like groceries).
The crux lies in not being able to anticipate these unplanned expenses, making them disruptive to financial plans.
What is an example of unplanned spending?
Unplanned spending often occurs when there’s an unforeseen event that demands immediate financial attention.
Picture this scenario: You take your car for a routine inspection; however, the car fails the inspection due to a defective part that needs immediate repair. Initially, you hadn’t allocated funds for this, but now you have to deal with this unforeseen cost – a classic case of unplanned spending.
Common Examples of Unexpected Expenses
Unforeseen financial events can leave many unprepared and struggling, adding unnecessary stress. This section will delve into examples of typical unexpected expenses that individuals often encounter, providing key insights into how to efficiently incorporate these into your financial plan.
By understanding and preparing for these unexpected expenses, one can effectively mitigate the surprise factor they pose, promoting a healthier and more secure financial state.
We have overcome many times and you can too!
1. Medical Emergencies and Healthcare Costs
Medical emergencies are prominent examples of unexpected expenses. Even with health insurance, costs can amass, thanks to high deductibles, co-payments, and therapies not covered by insurance.
One factor is paying for the medical costs, but the other weighing factor is loss of income when dealing with medical emergencies or critical diseases like cancer.
Overcome this by:
Contributing the max each year to your Health Savings Account (HSA). This way you have a bucket of money just for medical expenses.
Look into short-term disability insurance that can cover part of your lost wages while you can’t work.
2. Automatic Home or Vehicle Repair Needs
Home and vehicle repairs often sneak up as unexpected expenses. Time, accidents, natural disasters — all can cause wear and tear that demands immediate repair. The consequences of ignoring these repairs can be hefty.
Similarly, significant home repairs such as fixing a faulty HVAC system or leaky roof can set you back by thousands of dollars.
Overcome this by:
Be proactive with routine maintenance. Take care of your house and car before problems escalate.
Save the same amount each month for home and vehicle repairs separately.
Personally, we save $100 monthly for car repairs as one is a beater car. This amount will be increased to $350 to start saving for a new car. Conversely for home repairs, we keep a minimum of $1000. This amount will fluctuate depending on when we last did a major repair. Since we just replaced our HVAC, our funds are lower.
3. Natural disasters
Natural disasters, such as hurricanes, earthquakes, wildfires, and floods, lead to unexpected spending. The impact of these events can cause significant damage to homes, cars, and other property, leading to repair and replacement costs.
Furthermore, these situations might also necessitate expenses for emergency supplies, temporary shelter, and other necessities. For instance, Hurricane Katrina inflicted a staggering $196.3 billion in damage, illustrating the overwhelming cost of such unpredictable events.1
Overcome this by:
Make sure you have proper insurance whether it is renter insurance or flood/wildlife insurance. Also, make sure you have the proper amount of insurance. As highlighted by the Marshall Fire where most people were underinsured. 2
Storing cash on hand at home in case of an emergency. A cushion of money will always be helpful.
4. Increase in Bills
Monthly bills are a constant in our lives, but what’s not constant is their amount. Landlords may raise the rent when leases are up for renewal, utility companies could increase their rates, and insurance premiums may also inflate periodically.
All these scenarios lead to higher monthly expenses. For example, the U.S. energy costs per household rose by 13% in 2022 reaching the highest percentage increase since it was measured. 3
Being unprepared for these increases can cause significant financial strain.
Overcome this by:
Get one month ahead on your bills. Then, you will start building a cushion. Also, known as aging your money – thanks to YNAB.
Be proactive and realize that with inflation high. All of your bills will likely increase in cost.
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5. Overlooked Taxes
Overlooked taxes pose another source of unexpected expenditure.
A higher than expected tax bill can indeed surprise and unbalance your budget. This happened to my friend when she started her own fitness coaching business.
Uncertainties in estimating the exact tax amount, mathematical errors in filing, or an overlooked quarterly tax payment often culminate in an escalated tax bill. An audit from the IRS, though it may find no additional taxes owed, can lead to expensive fees from a CPA or tax attorney.
Overcome this:
Use a tax calculator to know what your estimated tax payment due.
Understand the common reasons you may owe higher taxes this year.
6. Pet Emergencies
Pet emergencies can bite a large chunk out of your budget without warning. For instance, if your cat suddenly starts having seizures or your dog gets hit by a car, the medical costs associated can spiral rapidly.
Emergency vet care can range between a few hundred dollars to several thousand dollars. For instance, a poisoning can range from $200-$3000. 4
Overcome this by:
Prevention methods like pet insurance can help you manage these costs effectively.
Decide in advance the maximum you are willing to spend on emergency vet care.
7. Delayed payments
Delayed payments may not be an external expense, but the repercussions can be just as financially challenging. This affects your income stream, potentially leading to difficulty in managing your financial obligations.
For example, if an employer goes bankrupt, salaries might be delayed or even indefinitely withheld. According to research, late payments can cost businesses $3 trillion globally, affecting both personal financial planning and business operations.5
This is a highly stressful situation.
Prepare yourself financially by:
Aging your money. By getting one month ahead of your bills, you can scrap through a delayed payment. YNAB coined this term.
Start saving for a large rainy day fund.
Raisin
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8. Gifts and Special Occasions
Commemorating special occasions can lead to unexpected expenses. Life events such as birthdays, weddings, baby showers, and retirements, traditionally require gift-giving.
While typical gift giving on Christmas or birthdays should be part of your planned variable expenses. Saying yes to being a bridesmaid can definitely set you back a few thousand dollars. These are costs that we often fail to factor into our budgets.
Overcome this by:
Setting aside money monthly to cover gifts and special occasions.
If saying yes to a special event will hamper your finances, then you may have to politely decline the invitation.
9. Unexpected Travel Costs
Unexpected travel costs can significantly impact your budget, particularly when they arise from unplanned events such as attending a funeral or a wedding. The costs of last minute travel can vary widely depending on the destination, distance, and mode of transportation.
To manage these expenses, consider driving or taking public transportation for shorter trips, exploring less expensive lodging options, and creating a meal plan that limits dining out.
Overcome this by:
Setting aside a regular amount in a travel fund can help prepare for these unexpected costs that tend to crop up every year.
Decide if taking the unplanned trip is something you can feasibly manage with your current financial situation.
10. What You Forget to Budget for
Some subtle but regular expenses often sneak past our budget plans. This is why we have a full list of budgeting categories so hopefully, you don’t miss anything!
Consider online subscriptions and memberships: Many services offer free trials, but the charges kick in if not canceled. Other overlooked budget items may include pet care, parking fees, and toll fills—small amounts that may seem insignificant but can considerably dent your budget over time.
Overcome this by:
Review your checking account and credit card bills to see all of your expenses for the past year. Write down those unexpected expenses that came through.
Now, make a plan for how to spend your money in advance with your findings.
This helps you prepare for unexpected expenses
Here are simple tips to make sure you employ the habits of a financially stable person.
Tip #1 – Building an Emergency Fund
Building an emergency fund is a fundamental strategy to brace for unexpected expenses. This fund acts as a financial buffer, providing the economic security to cover unexpected costs without tapping into monthly budgets or savings aimed at other goals.
As a starting point, aim to save $1000 and then work your way up to save a month’s paycheck. Start small and build over time – every penny set aside helps to mitigate future financial stress.
Tip #2 – Properly Utilizing Sinking Funds
Sinking Funds are a sagacious tactic to prepare for larger, infrequent expenses. They allow you to systematically and gradually save up for anticipated financial obligations such as vacations, holiday gifts, car maintenance, etc.
By assigning a specific amount to save each month, by the time the need arises, you’ll have a pool of money ready. With platforms like YNAB, creating sinking funds becomes easier, letting you monitor your progress month by month.
This is how we have less frequent unplanned costs than we did in our 20s.
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Tip #3 – Saving for the Larger Rainy Day
Beyond smaller emergency funds and sinking funds, saving for the ‘larger rainy day’ is a crucial tactic to avoid financial duress caused by unexpected expenses. This refers to padding your savings to cover larger, more substantial financial shocks that might require more than just a few months’ worth of expenses.
It may take time to build such a fund, but even a small contribution each month can result in substantial savings over time.
Tip #4 – Pick up a Side Hustle
One way to strengthen your financial resilience against unplanned expenses is to start a side hustle. This could mean picking up extra shifts at work, selling handcrafted items online, or using skills like photography or writing for freelance work.
With the rise of the internet, making money online is really easy and simple to get started. We have a few side hustles to shield against unforeseen costs.
Tip #5 – Budget Properly and Stick to It
Budgeting is an essential line of defense against unexpected expenses. By tracking your income and comparing it against both predictable and variable expenses, you can calculate how much money can be saved each month.
Regular budget check-ins help ensure you’re staying on track, steadying your financial footing.
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Yearly subscription-based model to use the platform.
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Tip #6 – Regular Review of Financial Plans
Regularly reviewing and updating your financial plans can serve as a preventative measure against unexpected expenses. Consider changes in income, expenses, and lifestyles, and adjust your savings and spending plans accordingly.
Tip #7 – Utilizing Digital Banking Features for Money Management
Digital banking tools have revolutionized financial management and can be part of a robust strategy to avoid unexpected expenses.
Features such as instant account balance checking, transaction alerts, set-and-forget savings transfers, budgeting tools, and proactive spending categorization help you grasp where your money is and how it’s being spent.
Tools to Ward Off Unexpected Expenses and Not Go into Debt
Unexpected expenses are inevitable, yet going into debt to cover these costs can lead to financial strain due to accumulated interest and fees.
Here are crucial steps in preventing unexpected expenses from turning into debt.
Dealing smartly with Credit Cards options
Credit cards can serve as a lifeline during a financial crunch but should be employed judiciously.
To smartly deal with unexpected expenses, consider options like 0% or low-interest credit card offers – these are particularly useful if you can pay off the balance during the introductory period. But tread with caution: high-interest rates can cause difficulties if you can’t pay off the balance in time.
Profit from Asking for a Paycheck Advance
In times when emergency expenses arise, asking for a paycheck advance can help. Some employers offer this as part of their policy to assist employees dealing with abrupt financial needs. A salary advance allows you to ‘borrow’ from your future earnings and repay the amount through future pay deductions.
Budgeting apps like Chime not only help in tracking expenses, but they also enable early access to your paycheck, up to two days before payday. This feature ensures you avoid running short of money at the end of the week or month, allotting you ample room to plan, track, and adjust your spending and savings.
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Exploring Personal Loans for Emergency Situations
Personal loans are a convenient option during urgent monetary needs. They are unsecured loans and therefore don’t require collateral.
However, they’re typically accompanied by relatively high-interest rates. Consider using online prequalification tools for personal loans to determine if you’re eligible and view potential interest rates.
Explore different lenders, but be wary of the terms and conditions to make sure you don’t invite more financial trouble.
Which of the following is true regarding unexpected expenses?
Unexpected expenses are costs that are not anticipated or planned for, such as sudden car repairs or medical emergencies.
To efficiently manage unexpected expenses, it’s recommended to make them a part of the monthly budget. A suggested approach is to analyze past “unexpected expenses”, then estimate their costs and timing, which can provide an estimate of how much should be saved each month.
While basing future expenses on past ones only furnishes savings guidelines, this method can prevent an unexpected expense from turning into a severe financial emergency.
Planning for unexpected expenses by setting aside money from each paycheck can protect individuals from unforeseen financial difficulties.
Understanding what types of unexpected expenses might occur can help in the development of strategies to handle them successfully, reducing the impact of any unpleasant financial surprises.
Yes, all of the statements above are true.
What is not true about unexpected expenses?
Unexpected expenses are entirely out of our control.
Unexpected expenses can be completely avoided.
These unanticipated costs only occur irregularly or infrequently.
You can’t prepare for unexpected expenses.
All of these statements are not true. While the occurrence of these expenses might be unexpected, they’re not entirely unpredictable. Many times, they are the result of poor financial planning or management as they are often unforeseen costs that were not anticipated or included in a budget.
Frequently Asked Questions (FAQ)
It’s advisable to aim for at least 3 to 6 months of living costs for an emergency fund. This acts as a buffer to cover unexpected expenses and offers financial security during unexpected life events like job loss or serious illness.
However, the “right” amount to save varies depending on your personal situation, lifestyle, and financial obligations. Always remember: saving something is better than saving nothing; start small and increase gradually as your income allows.
Financial experts generally advise having an emergency fund equivalent to three to six months of monthly expenses. This guidepost factors in expenses such as food, housing, utilities, transport, healthcare, and other necessities.
However, if you are in a volatile occupation or the sole breadwinner of the family, aiming for a larger fund may be prudent. Whichever your situation, remember it’s not about reaching the benchmark overnight; the key is consistency in saving.
Managing urgent financial liabilities without incurring debt hinges on proactive financial planning.
Building an emergency fund: Start small and deposit to accumulate enough to cover at least three to six months of essential expenses.
Proper budgeting: Maintain a budget, ensuring you live within your means and regularly contribute to savings.
Insurance coverage: Adequate insurance coverage can help circumvent the financial impact of medical emergencies or catastrophic events.
Extra income: Consider a side hustle for additional income to bolster your budget and increase your savings.
Plan Ahead to Avoid Unforeseen Expenses
While unexpected expenses are an inevitable part of life, their financial stress isn’t.
Through effective planning and budgeting, you can cushion their blow, ensuring they don’t throw you into financial turmoil. Around here at Money Bliss, we strive for our readers to have less stress with money.
No matter how well you plan, unexpected costs can still arise from time to time. They can happen quite regularly, which is why it’s crucial to include them in budget planning.
By setting aside a portion of each paycheck in a savings account, you can be better prepared for such costs when they arise.
Remember, every dollar saved is a step towards greater financial stability, helping you to navigate life’s uncertainties with confidence and peace of mind.
Now, make sure you are financially sound.
Source
NOAA.gov. “Costliest U.S. Tropical Cyclones.” https://www.ncei.noaa.gov/access/billions/dcmi.pdf. Accessed December 1, 2023.
Colorado Public Radio. “Most people who lost homes in the Marshall Fire were underinsured, Colorado insurance regulators say.” https://www.cpr.org/2022/05/02/most-people-who-lost-homes-in-the-marshall-fire-were-underinsured-colorado-insurance-regulators-say/. Accessed December 1, 2023.
U.S. Energy Information Association. “U.S. residential electricity bills increased 5% in 2022, after adjusting for inflation.” https://www.eia.gov/todayinenergy/detail.php?id=56660. Accessed December 1, 2023.
BetterPet. “Average emergency vet costs: what to expect.” https://betterpet.com/emergency-vet-costs/. Accessed December 1, 2023.
Mastercard. “Your real-time guide to real-time payments.” https://www.mastercard.com/news/perspectives/2023/real-time-payments-what-is-rtp-and-why-do-we-need-instant-payments/. Accessed December 1, 2023.
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Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Kansas City, MO is the sixth-largest city in the Midwest with over 481,000 people calling it home. Like all big cities, Kansas City has some great amenities like shops, entertainment venues and incredible restaurants.
Kansas City has some perks that not every large city in the U.S. can boast, though. Like the infrastructure — it’s designed to make driving less of a hassle. Raise your hand if you can’t wait to stop spending hours in bumper-to-bumper traffic!
Another perk of living in this city is the low prices. The cost of living in Kansas City, MO is 6.3 percent lower than that U.S. average. That number has dropped in the last year, too, by 2.3 percent.
To find out whether this city is for you, you’ll need to see if it meshes with your budget. Can you really afford the average rent in Kansas City, MO when you add the following factors into the total cost of living?
Housing costs in Kansas City, MO
The biggest expense in your monthly budget is housing costs. Where you live and what you pay for rent will have a direct and sometimes radical impact on the cost of living in Kansas City, MO.
Housing costs in the city are only 1.6 percent lower than the national average. Interestingly, this is a 13.8 percent increase over the cost of housing in 2020. One reason for the increase is that the demand for housing is up but the supply is not meeting that need.
The average rent in Kansas City, MO is $1,540 per month. However, there are neighborhoods throughout the city where you’ll find apartments for much higher (almost $1,000 more) and those for much less. If you look for apartments in the River Market area, you’ll be happy to learn that the average rent in that neighborhood is $2,338. On the other hand, if you look in the River View neighborhood, you’ll find an average rental rate of $720 per month.
Average rent prices in cities near Kansas City, MO
If you’re not sure you want to live directly in this city or aren’t happy with the average rent in Kansas City, MO, another option is to find an apartment for rent in nearby cities. The following cities range from 15 minutes to more than an hour away from Kansas City, so far enough from the hustle and bustle but close enough to still enjoy time spent in the city regularly.
Home prices in Kansas City, MO
You aren’t limited to renting in Kansas City. You might find that purchasing a home is, overall, more affordable for you and your family.
According to Redfin, the average cost of a house in Kansas City is $250,000, an increase of over 11 percent since 2020. As with rentals, the housing market is very competitive with most homes getting multiple offers and selling for 2 to 6 percent higher than the asking price.
Monthly mortgage rates are a little cheaper than the average rent in Kansas City, MO. You’d pay $1,079 per month with a 5 percent down payment or $909 with 20 percent down.
Food costs in Kansas City, MO
Kansas City is one of those awesome cities where you can get big city amenities but you don’t always have to worry about big city prices. Take food costs as an example. On average, they’re 11.4 percent lower than the U.S. average, which is a somewhat significant decrease over last year’s costs (5.7 percent higher).
In fact, if you love to dine out, you’ll be happy to know that there are a lot of amazing restaurants that cater to people on a budget. Like Happy Gillis Café + Hangout, where you can get a delectable dish of biscuits and gravy for $5 or a salad for $4.50. Or, try their Roasted Heirloom Tomato Grilled Cheese, made with farm toast, cheddar, roasted heirloom tomatoes, parsley, garlic, scallions and greens — all for $9.
If you’re in the mood for some fine dining, international cuisine or other specialty eateries, you won’t be disappointed. Kansas City offers Italian, gourmet barbecue, classic fare (think 1950s cocktail party) and much more.
Buying food in Kansas City, MO
If you’re like most people, you’re re-thinking how to maximize your budget since so much is up in the air during the pandemic. Cooking most of your meals at home is one way you can cut food costs significantly.
Let’s take a steak dinner for example. In the U.S., a good steak dinner can cost between $28 and $119, depending on the cut of meat and the restaurant.
If you make a steak dinner for two at home, you can expect to pay:
Steak: $22.06 (for two steaks)
Potatoes: $2.43
Lettuce (for a salad): $1.46
Sweet peas: $0.98
Your total comes to $26.93. The U.S. average for the same meal (cooked at home) comes to $30.66. Not only will cooking at home save you a few bucks (compared to the national average), but you’ll still be able to enjoy an incredible meal without having to leave the comfort of your own home — or paying $119 for the same meal.
Utility costs in Kansas City, MO
Besides food, utility costs take up another large portion of your monthly budget and can increase the cost of living in Kansas City, MO. Depending on whether your landlord covers these costs or not, utility fees can even increase the average rent in Kansas City, MO.
Overall, utility costs here are 3.2 percent lower than the national average. The monthly median energy prices are around $157.44 in this city, whereas the U.S. average is $161.20. One reason for the lower costs is power usage, which might be lower in this city than others because the weather here isn’t quite as extreme in other parts of the country.
Other utility fees to add to your budget include cell phone service (between $10 and $90), water and sewage (average = $109.67 per month), internet (average = $60 per month) and cable ($25 to $65).
If you’re looking to save on utilities (and who isn’t), you might want to look for apartments in Kansas City, MO that offer eco-friendly amenities. The savings can add up over time.
Transportation costs in Kansas City, MO
The best way to get around Kansas City is in a car. The walkability and bike scores (48 and 43, respectively) are relatively low, mainly due to the lack of bike lanes. There are some walkable neighborhoods within the city — Old Westport, South Plaza and Downtown Loop — where you can get some exercise and do a few errands.
The public transit score is lacking as well (37), though there are some options like the Kansas City Regional Transit company (RideKC). The company has a Park and Ride option and multiple buses. Their Transit app helps with planning your ride as it provides real-time information. You can also pay for fares and passes via Freedom On-Demand.
Most residents own their own vehicle since doing so gives them the freedom to come and go according to their schedule, not that of a bus company.
Transportation costs in Kansas City, MO are 11.8 percent lower than the national average. Fuel prices are currently at $2.50 per gallon, compared to $2.76 nationally. The national average for maintenance like tire balancing is around $52.40. The cost in Kansas City is $44.60.
Other transportation costs that can increase the cost of living in Kansas City, MO include parking ($6 to $20 for 2 hours), vehicle registration fees and insurance.
Healthcare costs in Kansas City, MO
Kansas City healthcare costs are an average of 9 percent lower than the U.S. average. For example, a trip to your doctor for your annual check-up will cost around $86.34. Elsewhere in the U.S., the same appointment costs an average of $112.81, though some people pay upwards of $234.
Over-the-counter medications are around 7.08 percent less than the national average, while prescription costs are about the same as the U.S. average (only 0.035 percent difference).
It’s important to note that determining healthcare cost averages is often difficult. What you pay compared to your neighbors is going to vary, sometimes drastically so. The reason for this is not just the insurance company you choose or the plans they offer. Some people will have higher costs because they don’t have insurance. Others because they have chronic health conditions. Finding out how healthcare costs impact the cost of living in Kansas City, MO will take some sleuthing, but it will be worth it to see if living in this city is within budget.
Goods and services costs in Kansas City, MO
Miscellaneous goods and services are, on average, 7 percent cheaper than other cities in the U.S.
It can be hard to figure in all the costs that go into living your life in a big city, but you can get a somewhat accurate estimate by looking at the things you purchase with relative frequency. Things like:
Petcare (vet services, grooming, etc.)
Gym fees and exercise classes (or Peloton membership fees)
Plants, potting soil and anything else you need to create and develop an apartment patio garden
Let’s say you want to take your partner out to a movie. The tickets will cost around $21.42. The national average for a Saturday trip to the movies runs about $22.24 for a couple.
If you’re a fitness buff, the average gym membership in Kansas City is $45 per month. A yoga class will cost you around $15.60, which is $0.60 higher than the national average.
Though it’s not easy to try and calculate everything you spend your money on each month (or quarter or year), it’s important to get a general idea of how much you spend on miscellaneous goods and services. These fees can significantly increase the cost of living in Kansas City, MO, and might even make the average rent in Kansas City, MO out of reach.
Taxes in Kansas City, MO
Another factor to consider in determining the cost of living in Kansas City, MO is the tax rate in that city, as well as county and state taxes.
Kansas City has a 1 percent earnings tax rate. Everyone in the city who earns an income (even if they work outside the city) must pay this tax, which covers the city’s cost for:
Snow removal
Road repair
Trash collection
Police, firefighter, ambulance and paramedic services
Historic preservation
Code inspections
As a resident here, you’ll also pay 8.86 percent sales tax. The state sales tax in Missouri is 4.23 percent. City and county taxes make up the additional 4.63 percent. How does this translate to cash? Let’s say you find a must-buy item with a $1,000 price tag. In addition to paying $1,000, you’ll also pay $88.60 in sales tax.
Finally, if you decide to purchase a home in Kansas City, MO, you’ll have the added responsibility and expense of paying residential property taxes. The Jackson County tax rate is 1.35 percent. If you buy a $250,000 home, you’ll pay a little under $3,400 per year in property taxes.
How much do I need to earn to live in Kansas City, MO?
Whether you can afford the cost of living in Kansas City, MO depends on what you earn. On average, residents of Kansas City earn $54,194 annually. This is slightly higher than the national average of $51,916.
If you earn the average annual income, can you afford the average rent in Kansas City, MO? Rent in this city is approximately $1,540 per month or $18,480 per year. This is nearly $3,000 more than the oft-recommended 30 percent rental budget.
Though the price is higher, it doesn’t mean you can’t afford to live in Kansas City, MO. If you’re comfortable cutting costs in other areas (walking and biking as much as possible to save on fuel or eating out less frequently), you can afford the cost of rent in this city. Also, remember that there are several neighborhoods in Kansas City and suburbs around it that offer great rentals for lower prices.
If you’re curious whether you can afford to live in this city, be sure to check out our free rent calculator.
Understanding the cost of living in Kansas City, MO
There’s no flat rate when it comes to the cost of living in Kansas City, MO. As nice as that would be (talk about easy calculations!), we all have varying needs. And those needs result in different housing, food, tax and healthcare costs.
That said, for many people, the cost of living and the average rent in Kansas City, MO is quite affordable. Much more so than many large cities across the country.
If you’re one of those people who want to take the plunge and move to this fair city, make sure to check out our rental listings to find apartments for rent in Kansas City, MO that fit your budget.
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.‘s multifamily rental property inventory of two-bedroom apartments as of August 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.