The cost of living index is based on the composite price of groceries, housing, utilities, transportation, health care, clothing and entertainment.
Cost of living indexes will generally be higher in areas that offer access to beaches, culture, arts and recreation. In addition areas, that offer a wider variety of services such as health and education will run higher due to higher wages, and increased quality of living.
Cost of living indexing explanation
A figure of 100 points is used as an average both for the USA and Florida. For example:
Boise Idaho is ranked at a 94.0
Boston Mass is rated at 127.60
San Francisco at 187.23
• Statewide, Florida cities come in from a low of 90 and up.
One way to compare Florida areas to salary requirements
For example-If you were relocating from Portland Oregon (whose rate 1s 120) to Vero Beach, and you currently make $50,000 per year, the formula is as follows
Take the destination index, in this case Vero-122.87 and divide by Portland’s index-120, then multiply by a salary of $50,000. This will give you a figure of $51,195.00 which would be required to make in Vero Beach to have the same quality of life.
See comparable Florida statewide
* Re cost of living--in some areas Real Estate has went up dramatically however costs that factor in such as food, transportation, rents etc have not increased at the same rate-so in some areas, even though housing is expensive, the overall rating may still be low
2008-09 stats Source C2ER formerly accra-col index and http://www.bestplaces.net/
Cape Coral-Ft Myers-99.6
Big Pine Key fl-132.46
Vero-Beach Indian River-122.87
West Palm Beach metro-112.05
(Population Weighted-State Average=100
See national comparisons
Cost of living (100 = nationwide average)
* New York, NY -164.50
* Long Beach, CA -135.71
* Palo Alto, CA -234.42
* Boston, MA -127.60
* Malibu, CA -492.80
* San Francisco, -187.23
* Greenwich, CT 215
* Chicago, IL -126.45
* Dallas Tx -92,94
* Atlanta Ga -112.21
For more information about cost of living go to either
Sperlings best Places http://www.bestplaces.net/
or Accra's site at http://www.coli.org/
The Vero Beach area (Indian River County) is ranked at 122.87 on the price index.
For more information about cost of living stats go to http://www.coli.org
A personal observation: Vero Beach is a small city and so the drive time to shopping, recreation etc is short…meaning you won’t burn as much gas, which in this day and age is definitely a help. I find the car insurance and home insurance rates very reasonable. (If you live on or near the water and require flood insurance, the rates will be higher)
In conclusion, Vero Beach is a great place to live.
Susan Scotti, CRS
Certified Residential Specialist
Peters, Cook & Company Real Estate
Susan Scotti, CRS
North Hutchinson Island & Vero Beach