Regional Snapshot: the Cost of Living in Metro Atlanta
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Regional Snapshot: The Cost of Living in Metro Atlanta Atlanta Regional Commission, July 2021 For more information, contact: [email protected] Photo by rawpixel.com on Unsplash In Summary… Metro Atlanta’s overall cost-of-living is slightly above the national average. New York City, not surprisingly, has the highest cost of living. Someone in metro Atlanta with a $50,000 salary moving to New York would need to make $121,200 to have equivalent spending power. A move to San Francisco, requires $96,100, and a move to Dallas requires $53,300. Atlanta’s cost of living related to housing is slightly higher than some of its peer metros, but this is offset by its comparatively cheaper utility costs. When considering individual items, groceries in metro Atlanta are 5 percent more expensive than in the average metro area, but utilities are 15.4 percent less expensive. Cost of Living for 25 Most Populous Metros New York (Manhattan) NY 245.5 San Francisco CA 194.6 Washington DC 159.3 Seattle WA 157.2 Boston MA 150.2 Los Angeles CA 148.0 San Diego CA 143.2 Portland OR 133.9 Chicago IL 124.1 Sacramento CA 123.1 Miami FL 116.3 Denver CO 113.6 Philadelphia PA 111.9 Baltimore MD 109.8 Dallas TX 107.9 Minneapolis MN 105.2 Detroit MI 102.9 Phoenix AZ 102.4 Atlanta GA 101.3 Charlotte NC 97.7 Tampa FL 95.9 Houston TX 95.3 Orlando FL 93.7 San Antonio TX 92.9 St. Louis MO 88.1 Average cost of living, 2020 0 50 100 150 200 250 Source: Council for Community and Economic Research (C2ER), 2020 Annual Cost of Living Index (COLI) & ACS 2019 1-year release Atlanta Consumer Price Over Time (2000 = 100) Atlanta MSA Consumer Price Index (CPI) 2000-2020 190 Medical: 185 180 170 160 Food: 158 Housing: 152 150 Overall: 145 140 Transportation: 144 130 120 110 100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Overall Food Housing Medical Transp Source: BLS Consumer Price Index Mapping Cost of Living Highest Lowest Source: C2ER, 2020 Annual COLI Income needed for equivalent of $50,000 in Atlanta New York (Manhattan) NY $121,200 San Francisco CA $96,100 Washington DC $78,600 Seattle WA $77,600 Boston MA $74,100 Los Angeles CA $73,100 San Diego CA $70,700 Portland OR $66,100 Chicago IL $61,300 Sacramento CA $60,800 Miami FL $57,400 Denver CO $56,100 Philadelphia PA $55,200 Baltimore MD $54,200 Dallas TX $53,300 Minneapolis MN $51,900 Detroit MI $50,800 Phoenix AZ $50,500 Atlanta GA $50,000 Charlotte NC $48,200 Tampa FL $47,300 Houston TX $47,000 Orlando FL $46,200 San Antonio TX $45,900 St. Louis MO $43,500 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 Source: C2ER, 2020 Annual COLI Comparing highest vs. lowest COLI in the 25 most populous metros 600.0 500.0 400.0 300.0 245.5 194.6 200.0 159.3 101.3 93.7 92.9 100.0 88.1 0.0 New York (Manhattan) NY San Francisco CA Washington DC Atlanta GA Orlando FL San Antonio TX St. Louis MO Three highest COLI metros Three lowest COLI metros Composite Grocery Housing Utilities Transportation HealthCare Misc Source: C2ER, 2020 Annual COLI Cost of Living Comparison: Peer Metros 300.0 250.0 200.0 159.3 150.0 107.9 101.3 97.7 95.3 96.7 100.0 50.0 0.0 Atlanta GA Charlotte NC Dallas TX Houston TX Nashville-Murfreesboro TN Washington DC Composite Grocery Housing Utilities Transportation HealthCare Misc Source: C2ER, 2020 Annual COLI Relationship Between Income and Cost of Living Median Household Income Index Score * New York is excluded due to having multiple COLI indexes for different parts of its metro area Source: C2ER, 2020 Annual COLI; & ACS 2019 1-year release Average Home Price: 25 Largest Metros New York (Manhattan) NY $2,227,806 San Francisco CA $1,362,163 Washington DC $1,020,885 Seattle WA $854,748 Boston MA $744,522 Los Angeles CA $841,834 San Diego CA $797,634 Portland OR $623,494 Chicago IL $537,912 Sacramento CA $484,470 Miami FL $447,771 Denver CO $530,852 Philadelphia PA $426,075 Baltimore MD $412,535 Dallas TX $371,745 Minneapolis MN $386,294 Detroit MI $351,019 Phoenix AZ $362,970 Atlanta GA $380,418 Tampa FL $278,508 Houston TX $297,296 Orlando FL $294,196 San Antonio TX $271,143 St. Louis MO $262,641 $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 Source: C2ER, 2020 Annual COLI Average Monthly Apartment Rent: 25 Largest Metros New York (Manhattan) NY $4,738 San Francisco CA $4,098 Washington DC $3,033 Seattle WA $2,680 Boston MA $3,157 Los Angeles CA $2,775 San Diego CA $2,351 Portland OR $2,459 Chicago IL $2,334 Sacramento CA $1,948 Miami FL $2,208 Denver CO $1,545 Philadelphia PA $1,517 Baltimore MD $1,644 Dallas TX $1,705 Minneapolis MN $1,204 Detroit MI $1,247 Phoenix AZ $1,639 Atlanta GA $1,245 Tampa FL $1,296 Houston TX $1,119 Orlando FL $1,148 San Antonio TX $1,396 St. Louis MO $887 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 Source: C2ER, 2020 Annual COLI Cost of Select Groceries for Selected Metros Three highest COLI metros Three lowest COLI Metros* *Of the 25 most populous metros Source: C2ER, 2020 Annual COLI Cost of Select Medicals for Selected Metros Three highest COLI metros Three lowest COLI metros *Of the 25 most populous metros Source: C2ER, 2020 Annual COLI Cost of Select Other Items for Selected Metros Three highest COLI metros Three lowest COLI metros *Of the 25 most populous metros Source: C2ER, 2020 Annual COLI Southern Region Consumer Expenditure by Income Percent Share of Average Expenditures by Income Before Taxes, Southern Region Consumer Expenditure Survey, 2018-2019 100% 90% 18.6% 19.6% 21.3% 24.6% 25.0% 28.6% 28.1% 30.6% 34.8% 80% 39.8% 17.2% 18.2% 70% 20.4% 18.1% 20.4% 18.1% 20.0% 60% 8.7% 18.3% 10.8% 17.2% 10.0% 9.8% 14.5% 50% 8.5% 8.9% 8.5% 8.4% 7.3% 6.4% 40% 39.8% 36.5% 33.8% 30% 33.2% 32.2% 31.8% 31.0% 30.7% 29.2% 28.6% 20% 10% 15.7% 14.9% 14.5% 14.3% 12.9% 13.4% 12.3% 12.0% 11.5% 10.6% 0% Total Less $15,000 $30,000 $40,000 $50,000 $70,000 $100,000 $150,000 $200,000 south than to to to to to to to and $15,000 $29,999 $39,999 $49,999 $69,999 $99,999 $149,999 $199,999 more Food Housing Healthcare Transportation Other Source: BLS Consumer Price Index.