coli june snapshot 2016
Post on 12-Apr-2017
748 Views
Preview:
TRANSCRIPT
Atlanta Regional Commission
For more information, contact:
aspiegel@atlantaregional.com
Or
jskinner@atlantaregional.com
How Expensive Is It To Live in Metro Atlanta?
This Regional Snapshot looks at how expensive it is to live in different metropolitan areas by exploring data related to cost-of-living. Here are the key findings:
• Metro Atlanta’s overall cost-of-living is average, meaning that it is no more or less expensive here than in the average metro area.
• Metro Atlanta’s overall cost-of-living has risen in the past nine years. In 2006, cost-of-living in metro Atlanta was 4.4 percent less expensive than the average metro. Today it is the same.
• When considering individual items, Transportation is the most expensive category in metro Atlanta. Transportation in metro Atlanta is five percent more expensive than in the average metro area.
• Overall, New York is the most expensive metro to live. Out of the 25 largest metro areas, metro Atlanta ranks as the 15th most expensive metro based on cost-of-living.
• If someone in metro Atlanta with a $50,000 salary were to move to New York, she would need to make around $114,000 to have the equivalent spending power. To move to San Francisco, she would need $88,000; to move to Dallas, she would only need $48,000.
Highlights
87.3
91.6
92.5
95.3
95.9
96.1
96.4
98.2
98.2
98.6
99.9
108.2
109.6
112.3
112.8
116.2
119.5
129.5
140.3
140.3
144.3
144.8
146.8
176.4
227.4
0.0 50.0 100.0 150.0 200.0 250.0
San Antonio TX
Tampa FL
St. Louis MO-IL
Detroit MI
Phoenix AZ
Dallas TX
Charlotte NC
Houston TX
Orlando FL
Pittsburgh PA
Atlanta GA
Minneapolis MN
Denver CO
Miami FL
Baltimore MD
Chicago IL
Philadelphia PA
Portland OR
Los Angeles CA
Seattle WA
Boston MA
San Diego CA
Washington DC
San Francisco CA
New York (Manhattan) NY
Overall Cost of Living: 25 Largest Metros
The chart to the left shows the overall cost-of-living for the 25 largest metro areas in the nation, with 100 being the average across all metros. As can be seen, metro Atlanta’s cost-of-living index is 99.9, meaning that Atlanta’s cost-of-living is essentially no higher or lower than that of the average metropolitan area.
In New York, however, the cost-of-living is more than double (127 percent) than it is in the average metro.
Source: 2015 COLI and ARC Analysis
Mapping Cost-of-Living
Source: 2015 COLI and ARC Analysis
This shows the same data as the previous slide, but displays them spatially to show the distinctive pattern of higher cost-of-living in coastal areas.
Income Needed For Equivalent of $50,000 in Atlanta
What cost-of-living really means is that in some places, your dollar will go a lot further than in other places. For example, this chart shows how much money one would need in other metros to get the same spending power as $50,000 in Atlanta. So, in New York, you would need $113,800 to “equal” the $50,000 an Atlantan would have. So, again, things cost on average more that twice as much in New York as they do in Atlanta.
On the flip side, someone in San Antonio would only need $43,700 to equal the $50,000 some one in Atlanta has.
$43,700
$45,800
$46,300
$47,700
$48,000
$48,100
$48,200
$49,100
$49,100
$49,300
$50,000
$54,200
$54,900
$56,200
$56,500
$58,200
$59,800
$64,800
$70,200
$70,200
$72,200
$72,500
$73,500
$88,300
$113,800
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
San Antonio TX
Tampa FL
St. Louis MO-IL
Detroit MI
Phoenix AZ
Dallas TX
Charlotte NC
Houston TX
Orlando FL
Pittsburgh PA
Atlanta GA
Minneapolis MN
Denver CO
Miami-Dade County FL
Baltimore MD
Chicago IL
Philadelphia PA
Portland OR
Los Angeles-Long Beach CA
Seattle WA
Boston MA
San Diego CA
Washington-Arlington-Alexandria DC-VA
San Francisco CA
New York (Manhattan) NY
Top 25 Metros (Population)Income Needed for Equiv. of Atlanta $50,000 Spending Power/ Standard of Living
Source: 2015 COLI and ARC Analysis
Overall Cost of Living: Selected Metros
The overall cost-of-living index is constructed by considering costs in six major “buckets” of goods and services – groceries, housing, utilities, transportation, health care and miscellaneous goods and services. These six categories are then combined into the “composite” index. Again, 100 equals the average metro, so anything higher than 100 means that it is more expensive than in that average metro. This chart looks at eight of Atlanta’s “peer” metros and shows that Atlanta and Phoenix have similar cost-of-living profiles across all the cost “buckets”.
0
50
100
150
200
250
300
350
Atlanta GA Boston MA Chicago IL Denver CO Phoenix AZ San Diego CA San Francisco CA Washington DC
Composite Grocery Housing Utilities Transportation HealthCare Misc
Source: 2015 COLI and ARC Analysis
80.0
85.0
90.0
95.0
100.0
105.0
110.0
2006 2009 2012 2014 2015
Total Groceries Housing Utilities Transporation Health Care Misc. Goods and Services
Metro Atlanta’s Cost-of-Living Over Time
This chart tracks how the cost-of-living indices have changed over time (2006-2015) in metro Atlanta, again with 100 being the average for each year. As can be seen, metro Atlanta’s cost-of-living index is higher today (2015) than in any of the previous years charted, at 99.9 compared to 95.6 in 2006. Among the cost categories, housing has posted the the largest cost-of-living increases. In 2006, housing costs were about eight percent lower than average housing costs. In 2015, housing costs 2.6 percent lower than average.
Source: 20006-2015 COLI and ARC Analysis
Cost of Groceries
This table shows the relative costs of selected grocery items, with cells in green showing the least expensive metro areas, and cells in red showing the most expensive metros. This also shows how prices vary widely depending on where you live. For example, a can (or ‘brick’) of coffee (11.5-oz. size) costs more than $6 in New York, but less than $4 in San Antonio. In Chicago, you will pay more than $14, on average, for a six-pack of Heineken, but a head a little south to St. Louis, and you’ll pay only $8.13 for the same six-pack.
Source: 2015 COLI and ARC Analysis
Metro Dozen Eggs Bread Coffee Milk(Half Gal) BeerAtlanta GA 2.07$ 1.46$ 4.58$ 2.30$ 9.03$
Baltimore MD 2.46$ 1.72$ 4.85$ 2.52$ 8.49$
Boston MA 2.39$ 1.58$ 4.46$ 2.21$ 9.10$
Charlotte NC 2.03$ 1.70$ 4.15$ 2.34$ 8.37$
Chicago IL 2.82$ 2.05$ 4.92$ 2.39$ 14.04$
Dallas TX 2.12$ 1.35$ 4.58$ 2.08$ 9.49$
Denver CO 2.44$ 1.54$ 5.49$ 1.99$ 8.58$
Detroit MI 1.98$ 1.37$ 4.06$ 1.85$ 8.26$
Houston TX 2.14$ 1.26$ 4.34$ 1.76$ 8.88$
Los Angeles-Long Beach CA 3.38$ 1.48$ 5.27$ 2.35$ 9.58$
Miami-Dade County FL 2.51$ 2.00$ 3.96$ 2.71$ 8.62$
Minneapolis MN 1.92$ 1.82$ 4.64$ 2.26$ 8.70$
New York (Manhattan) NY 2.89$ 2.28$ 6.09$ 1.89$ 13.12$
Orlando-Kissimmee-Sanford FL 2.53$ 1.77$ 3.81$ 2.71$ 8.62$
Philadelphia PA 2.61$ 1.61$ 4.50$ 2.14$ 8.41$
Phoenix AZ 2.12$ 1.93$ 4.68$ 1.73$ 8.19$
Pittsburgh PA 1.91$ 1.17$ 4.66$ 1.98$ 9.84$
Portland OR 2.49$ 1.94$ 5.75$ 2.17$ 9.14$
San Antonio TX 2.12$ 1.30$ 3.79$ 2.09$ 8.26$
San Diego CA 3.46$ 1.65$ 5.39$ 2.40$ 9.74$
San Francisco CA 3.55$ 1.81$ 5.99$ 2.77$ 9.77$
Seattle WA 2.38$ 2.19$ 5.76$ 2.22$ 9.64$
St. Louis MO-IL 2.48$ 1.57$ 4.56$ 2.46$ 8.13$
Tampa FL 2.38$ 1.64$ 3.92$ 2.54$ 8.69$
Washington-Alexandria DC-VA 2.41$ 1.77$ 4.83$ 2.47$ 8.94$
Housing Costs
This table shows the relative costs of housing, again with cells in green showing the least expensive metro areas, and cells in red showing the most expensive metros. St. Louis and San Antonio have the least expensive rents and home prices of these 25 metros, while New York and San Francisco have the most expensive housing. Out of the these 25 metros, metro Atlanta ranks 17th for average rents and 16th in home price.
Source: 2015 COLI and ARC Analysis
Metro Apartment Rent Home Price Atlanta GA 1,050$ 289,012$
Baltimore MD 1,338$ 458,480$
Boston MA 2,262$ 553,220$
Charlotte NC 880$ 244,547$
Chicago IL 1,236$ 431,884$
Dallas TX 865$ 220,002$
Denver CO 1,306$ 398,144$
Detroit MI 955$ 269,215$
Houston TX 1,328$ 288,271$
Los Angeles-Long Beach CA 2,420$ 617,169$
Miami-Dade County FL 1,410$ 378,665$
Minneapolis MN 1,098$ 345,759$
New York (Manhattan) NY 3,984$ 1,472,476$
Orlando-Kissimmee-Sanford FL Metro 958$ 287,272$
Philadelphia PA 1,304$ 419,996$
Phoenix AZ 880$ 292,558$
Pittsburgh PA 1,068$ 279,873$
Portland OR 2,211$ 439,773$
San Antonio TX 848$ 208,293$
San Diego CA 1,962$ 755,274$
San Francisco CA 3,230$ 978,744$
Seattle WA 1,980$ 548,187$
St. Louis MO-IL 832$ 207,522$
Tampa FL 919$ 223,637$
Washington-Arlington-Alexandria DC-VA 2,092$ 801,674$
Relationship Between Income and Cost-of-Living
While there is an obvious link between cost-of-living and household incomes, the chart above shows where residents get more “bang for their buck”. The line above represents the “relationship” between median household incomes (horizontal axis) and cost-of-living (vertical axis). In any metro above the line, incomes are stretched to support the cost-of-living. So, in New York, a household income of roughly $67,000 has to support the highest cost-of-living in the nation. In Washington DC, however, even though it too has a high cost-of-living, the roughly $92,000 median income more easily supports the high cost-of-living. Metro Atlanta also falls below the line.
Source: 2015 COLI and ARC Analysis
New York
San Francisco
Los AngelesSan Diego
Providence Portland
Seattle
Atlanta
D.C.
Baltimore
Minneapolis
Denver
Austin
Source: 2015 COLI and ARC Analysis
If you are Moving From Atlanta to Dallasand have a salary of $50K…
Source: 2015 COLI and ARC Analysis
If you are Moving From Atlanta to Charlotteand have a salary of $50K…
If you are Moving From Atlanta to San Francisco and have a salary of $50K…
Source: 2015 COLI and ARC Analysis
top related