Alabama Cost Of Living Statistics 2024 – Everything You Need to Know

Alabama Cost Of Living Statistics 2023: Facts about Cost Of Living in Alabama reflect the current socio-economic condition of the state.

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Top Alabama Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 40 Alabama Cost Of Living Statistics on this page 🙂

Alabama Cost Of Living “Latest” Statistics

According to Zillow’s housing statistics for the third quarter of 2021, the typical house in Alabama costs around $178,649.^[1]
The cost of housing, as measured by the shelter index, climbed by 5% over the previous year, the highest annual rise since May 1991.^[2]
The states with the lowest housing expenses have the lowest living costs since Americans spend 34.9% of their income on housing.^[3]
In Alabama, the daycare for two children, one 4-year-old & an infant, costs $11,185. It is 17.9% more than the average rent in the state.^[6]
The council for community and economic research’s (CCER) 2021 cost of living index figures show that Anniston has Alabama’s lowest cost of living.^[1]
Their median income, at $58,700, is more than the living wage, although their cost of living is nearly 10% lower than the national average.^[4]
Housing costs in Athens are 42% less than the national average, while utility costs are 2% less than the national average.^[7]
13,723 more parents would be able to choose to work if the cost of child care was limited to not more than 7% of income.^[6]
Based on the possible cost of living rise in 2023, Kiplinger experts forecast that the COLA increase might reach an all-time high of 89% or higher next year.^[2]
Recently, it was revealed that owing to the rising cost of living, the social security cost of living adjustment COLA for January 2022 was 59%, the biggest rise in 40 years.^[2]
Approximately $1,784 per month, or 34.9% of a typical household’s spending, go toward housing and housing.^[3]

Alabama Cost Of Living “Price” Statistics

Athens, in Alabama, has grocery prices that are 2% lower than the national average.^[7]
The housing index score for Alabama as a whole is 55.9, but Fairhope, where the typical house price is $277,000 or $299,200, has an index value of 119.8.^[9]
Despite price rises brought about by the covid19 epidemic, the social security COLA in 2021 was just 13%.^[2]
According to the national association of realtors, the cost of a typical house in Alabama is over half of the national median sales price for an existing house, which is 352,800.^[1]

Alabama Cost Of Living “Be” Statistics

Before seasonal adjustment, the total item’s index rose by 85% between March 2021 and March 2022.^[2]
With 15.6% of its population living at or below the poverty level, Alabama has one of the worst poverty rates in the nation.^[8]
Alabama has a high percentage of poverty, with 15.6% of the population living at or below the poverty level.^[3]
Between March 2021 and March 2022, the index for all meat, poultry, fish, and eggs climbed by about 14%.^[2]
Compared to other employees’ families, childcare professionals’ families are more than twice as likely to be poor.^[6]
While people may spend about 13% less for housing than the typical American, given the state’s low median earnings, they are also more likely to be struggling to make ends meet.^[4]
In Alabama, grocery price is close to the national average. The cost of living in Alabama is 87.9.^[8]

Alabama Cost Of Living “Living” Statistics

A living wage is the amount of money needed to fulfill 50% of one’s needs, 30% of one’s discretionary luxury expenditure, and 20% of one’s savings.^[4]

Alabama Cost Of Living “Other” Statistics

When compared to neighboring southern states like South Carolina and West Virginia, which have top marginal tax rates of 7% and 6.5%, respectively, Alabama’s top marginal tax rate isn’t too awful.^[1]
The typical American family spends an additional $9,826 yearly, or 16%, on transportation.^[8]
CCER 2021 statistics show that Anniston has the lowest housing expenses of any major city in Alabama.^[1]
Even though there are many other house loans available, SoFi provides a variety of home mortgage loans with reasonable interest rates and as little as 5% down.^[1]
State-funded four-year public college tuition is $9,827 in Alabama. In contrast, the cost of child care is a monthly rent of $9,183. The percentage of public college tuition is 61.1%, whereas babysitting as a percentage of rent is 65.4%.^[6]
According to the CCER 2021 statistics, the city, called Mobile has the second lowest housing expenses in the state but the highest healthcare expenditures.^[1]
Savings to typical families with an infant from capping child care expenditures at 7% of income is $2,335.^[6]
Considering the highest marginal tax rates in Mississippi and Kentucky are both 5%, Alabama’s 5% rate is par for the course compared to its neighbors.^[1]
In Alabama, the average daycare provider would need to spend 32% of her income on daycare for her own kid.^[6]
According to the BEA’s Person consumption expenditures report, Alabama’s average annual per capita healthcare expense is $5,904.^[1]
An infant and a 4-year-old would require a typical Alabama household to spend 22.2% of its income on child care.^[6]
Over 40% of locals can buy a new house, making housing affordability one of the greatest in the country.^[3]
The percentage of high school graduates or higher of people aged 25 years from 2017 to 2020 was 87.4%. The percentage of 25year olds with a bachelor’s degree or higher is 26.7% from 2017 to 2020.^[10]
States’ economy will grow by $1.3 billion (0.6%) due to restricting family childcare expenses at 7% of income.^[6]
The percentage of Internet & Computer use in households from 2017 to 2020 was 87.9%. The percentage of households with a broadband subscription was 82% from 2017 to 2020.^[10]
The research quadrupled the total yearly spending on needs to establish the livable wage in each state by using the 503020 budget rule, which allots 50% of income for requirements.^[4]
Child care is considered cheap in Alabama by the US department of health and human services if it consumes no more than 7% of a family’s income.^[6]

How Useful is Alabama Cost of Living

One of the primary benefits of the relatively low cost of living in Alabama is that residents tend to spend less of their income on essentials like housing, food, and transportation compared to other states. This can be particularly appealing for families or individuals on a tight budget, as it allows them to save more money or afford a higher standard of living with the same income.

Additionally, the lower cost of living in Alabama can make the state a more attractive option for businesses looking to relocate or expand. Lower costs for things like office space and labor can help businesses save money, which in turn can lead to more job opportunities for residents.

However, there are also downsides to the low cost of living in Alabama. One of the most significant drawbacks is that lower costs often reflect lower wages. While goods and services may be more affordable in Alabama, residents may find themselves earning less money compared to their counterparts in other states. This can make it harder for residents to save for the future, invest in education or training, or even afford basic necessities.

Additionally, the lower cost of living in Alabama can come with trade-offs in terms of infrastructure, public services, and quality of life. Some argue that the lower cost of living is reflected in things like outdated or inadequate public transportation, subpar schools, or limited healthcare options. These factors can impact residents’ quality of life and make it harder for them to excel or improve their circumstances.

It’s important to remember that the cost of living is just one factor to consider when deciding where to live or work. While a low cost of living can be appealing, it’s crucial to look at the bigger picture, including job opportunities, quality of life, and access to essential services.

In conclusion, the cost of living in Alabama can be a double-edged sword. While the lower costs can provide financial relief for some residents and businesses, they also come with challenges related to lower wages, infrastructure, and quality of life. As residents and policymakers navigate these complexities, it’s crucial to consider the entire picture when making decisions about where to live, work, or invest.

Reference

sofi – https://www.sofi.com/cost-of-living-in-alabama/
bankrate – https://www.bankrate.com/insurance/homeowners-insurance/cost-of-living-statistics/
worldpopulationreview – https://worldpopulationreview.com/state-rankings/states-with-lowest-cost-of-living
gobankingrates – https://www.gobankingrates.com/money/jobs/living-wage-every-state/
birminghambusinessalliance – https://www.birminghambusinessalliance.com/cost-of-living
epi – https://www.epi.org/child-care-costs-in-the-united-states/
payscale – https://www.payscale.com/cost-of-living-calculator/Alabama-Athens
worldpopulationreview – https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state
localpropertyinc – https://localpropertyinc.com/fairhope-al-cost-of-living/
census – https://www.census.gov/quickfacts/AL