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Regional snapshot coli_july2019_forposting

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The Atlanta Regional Commission's July 2019 Snapshot looks at the current cost of living in Atlanta and compares it to other cities around the country. Cost of living is measured through C2ER's annual Cost of Living Index (COLI).

Published in: Government & Nonprofit
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Regional snapshot coli_july2019_forposting

  1. 1. Atlanta Regional Commission, June 2019 For more information, contact: mcarnathan@atlantaregional.org Regional Snapshot: The Cost of Living in Metro Atlanta Photos courtesy ARC
  2. 2. In Summary… Atlanta’s cost of living is on par with the national average. Housing cost is the biggest driver for higher costs of living in the country’s most expensive cities, which often see prices for things like groceries and medical expenses closer to those of cities with a lower cost of living. Atlanta’s cost of living related to housing is slightly elevated compared to some of its peer metros, but this is offset by its comparatively cheaper utility costs. A resident living in Manhattan (the country’s highest cost of living) has to make $122,059 to have the same buying power as someone making $50,000 in Atlanta.
  3. 3. 87.8 90.8 92.8 95.1 95.6 96.2 97.0 98.0 99.1 101.8 104.6 105.4 106.3 113.2 113.4 116.2 116.9 117.6 123.2 148.2 150.0 154.8 162.6 196.3 248.5 0 50 100 150 200 250 St. Louis MO-IL Columbus OH Indianapolis IN Detroit MI Orlando FL Houston TX Charlotte NC Cleveland OH Pittsburgh PA Atlanta GA Las Vegas NV Dallas TX Minneapolis MN Denver CO Philadelphia PA Miami-Dade County FL Baltimore MD Sacramento CA Chicago IL Los Angeles-Long Beach CA Boston MA Seattle WA Washington DC San Francisco CA New York (Manhattan) NY Cost of Living for 25 Largest Metros Source: Council for Community and Economic Research (C2ER), 2018 Annual Cost of Living Index (COLI) and ACS 2013-2017 via Social Explorer Each years Each year, the Council for Community and Economic Research (C2ER) puts together a Cost of Living Index (COLI) for cities around the country. In this index, a score of 100 represents the average cost of living in these cities. The chart to the left shows the cost of living in the central city for the country’s 25 most populous metros. With an index score of 101.8, Atlanta’s cost of living is on par with national averages. With a score of 248.5, Manhattan has the highest score of any city in the index.
  4. 4. Cost of Living in Atlanta Over Time Source: BLS Consumer Price Index Each years The C2ER index offers a point-in- time snapshot of Atlanta’s cost of living compared to cities around the country. This chart shows Atlanta’s Consumer Price Index over time, transformed so the baseline year of 2000 is an index score of 100. Produced by the U.S. Bureau of Labor Statistics, this index measures change in the cost of consumer items over time. Here we can see that overall cost in the city has increased by 40 percent since 2000, and we’ve seen the biggest gains in medical and transportation costs. 100 110 120 130 140 150 160 170 180 2000 2005 2010 2015 2018 Atlanta MSA CPI, 2000-2018 All Food Housing Medical Transportation
  5. 5. Mapping Cost of Living Source: C2ER, 2018 Annual COLI 87.8 (lowest, St. Louis) 90.8 - 97 98 – 106.3 113.2 – 123.2 148.2 – 162.6 196.3 & 248.5 (highest, San Francisco and New York) Each years This map shows how the cost of living (COLI) in these cities varies based on location. Green represents central cities whose cost of living is below average, yellow represents cities whose cost of living is average, and shades of red represent cities whose cost of living is above average. Generally, the most affordable of the country’s largest metros are in the Midwest and Southeast. The cities with the highest cost of living are in the Northeast and along the West Coast.
  6. 6. 0 100 200 300 400 500 600 New York (Manhattan) NY San Francisco CA Washington DC Atlanta GA Indianapolis IN Columbus OH St. Louis MO-IL Composite Index Grocery Items Housing Utilities Transportation Health Care Misc. Goods and Services Three lowest COLI metros Cost of Living Comparison: Highest vs Lowest Source: C2ER, 2018 Annual COLI Three highest COLI metros Each years This chart compares the City of Atlanta’s COLI to the central cities (in the 25 most populous metros) with the highest composite index and the lowest composite index, as well as index scores in the six major categories of consumer spending C2ER measures when creating the index: groceries, housing, utilities, transportation, health care, and goods and services. Here we can see the immense role housing costs play in influencing our cost of living. While the highest COLI cities do spend more in all six categories, they’re spending closer to the national average in all but housing. In the lowest COLI cities, we see housing index scores below the national average.
  7. 7. Cost of Living Comparison for Peer Metros Source: C2ER, 2018 Annual COLI 0.0 50.0 100.0 150.0 200.0 250.0 300.0 Atlanta GA Charlotte NC Dallas TX Houston TX Nashville-Murfreesboro TN Washington DC Composite Index Grocery Items Housing Utilities Transportation Health Care Misc. Goods and Services Each years A look at the central cities in Atlanta’s peer metros, defined by ARC’s Catlyst economic strategy, shows that we enjoy low utility costs both compared to these areas and nationally, with an index score of 87. Health care is an area where we see higher costs than in our peer metros. We have an index score of 109.1 in this category, where as Washington, DC — which has a significantly higher COLI score — has a health care index score of 99.8.
  8. 8. Average Home Price for 25 Largest Metros Source: C2ER, 2018 Annual COLI $231,819 $250,447 $250,625 $307,788 $287,772 $315,436 $267,528 $274,042 $306,332 $348,121 $438,895 $327,946 $362,307 $489,272 $414,251 $424,876 $481,080 $412,208 $500,332 $809,182 $663,942 $725,929 $933,450 $1,243,239 $1,901,222 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 St. Louis MO-IL Columbus OH Indianapolis IN Detroit MI Orlando FL Houston TX Charlotte NC Cleveland OH Pittsburgh PA Atlanta GA Las Vegas NV Dallas TX Minneapolis MN Denver CO Philadelphia PA Miami-Dade County FL Baltimore MD Sacramento CA Chicago IL Los Angeles-Long Beach CA Boston MA Seattle WA Washington DC San Francisco CA New York (Manhattan) NY Each years This chart shows the wide variability in home prices in the central cities of the country’s 25 most populous metros. The areas are still ranked according to their composite index score, and the chart shows that, while the cost of a home plays the largest role in overall cost of living, it is not the only cost that matters. Los Angeles/Long Beach, for instance, sees higher prices in housing, though its overall index score is lower than Boston or Seattle, which have somewhat lower housing prices. While the housing index is elevated in all of the metros shown, Seattle has higher index scores than Los Angeles in all other categories of spending. Boston has more variability, with comparatively lower index scores in groceries and transportation than Seattle and Los Angeles, though Boston’s cost of health care and goods and services is higher.
  9. 9. Average Monthly Apartment Price: 25 Largest Metros Source: C2ER, 2018 Annual COLI $844 $1,007 $1,052 $1,084 $1,120 $1,249 $1,130 $1,087 $1,232 $1,334 $1,106 $1,440 $1,158 $1,439 $1,433 $2,245 $1,780 $1,867 $2,051 $2,730 $2,962 $2,508 $2,808 $3,821 $4,888 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 St. Louis MO-IL Columbus OH Indianapolis IN Detroit MI Orlando FL Houston TX Charlotte NC Cleveland OH Pittsburgh PA Atlanta GA Las Vegas NV Dallas TX Minneapolis MN Denver CO Philadelphia PA Miami-Dade County FL Baltimore MD Sacramento CA Chicago IL Los Angeles-Long Beach CA Boston MA Seattle WA Washington DC San Francisco CA New York (Manhattan) NY Each years Average apartment rent in these cities follows a similar trajectory to owner housing costs, though here we see that Atlanta’s average rent of $1,334 is closer to rents in the the upper-middle COLI cities of Denver and Philadelphia than are our home prices.
  10. 10. Cost of Select Items: Highest COLI metros and Atlanta peer metros Source: C2ER, 2018 Annual COLI City Ground Beef Half- Gallon Milk Dozen Eggs Bananas Coffee Wine Energy Cost New York (Manhattan) NY $5.48 $2.56 $2.51 $0.79 $5.77 $12.06 217.46$ San Francisco CA $3.66 $2.86 $3.37 $0.79 $6.58 $8.45 237.13$ Washington DC $4.52 $2.49 $1.74 $0.57 $4.50 $11.37 214.35$ Atlanta GA $4.01 $1.90 $1.98 $0.59 $4.77 $12.80 128.19$ Charlotte NC $3.93 $1.75 $1.39 $0.54 $3.76 $9.80 153.16$ Dallas TX $3.87 $2.62 $1.87 $0.50 $5.29 $8.18 184.17$ Houston TX $3.64 $1.18 $1.58 $0.48 $3.51 $7.04 197.51$ Nashville- Murfreesboro TN $4.21 $1.78 $1.51 $0.56 $4.03 $9.76 157.08$ AVERAGE $3.91 $1.93 $1.80 $0.56 $4.35 $8.83 167.73$ Each years The table to the left shows the average cost of several types of common grocery store purchases as well as of energy. Cells highlighted in dark orange-red are significantly higher than the average of the group shown, and cells in green are lower. It shows that Atlanta’s costs in most of these items (except wine) are about average. Again, we can see that our energy costs are much lower than the nationwide average and even compared to our peer cities.
  11. 11. Each years Source: C2ER, 2018 Annual COLI; 2013-2017 ACS via Social Explorer Relationship Between Income and Cost of Living St. Louis MO-IL Orlando FL Houston TX Charlotte NC Atlanta GA Dallas TX Minneapolis MN Denver CO Miami-Dade County FL Baltimore MD Chicago IL Los Angeles-Long Beach CA Boston MA Seattle WA Washington DC San Francisco CA New York (Manhattan) NY $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 70 120 170 220 270 The chart at left shows how median household earnings at the MSA level compare to the central city’s cost of living index. The dashed line indicates the average relationship between the two. That means that cities above the line have higher median incomes that help balance their increased cost of living, whereas residents in cities that fall below the line have to stretch their dollar further to meet their cost of living. Notably, Atlanta’s income and cost of living are both on the line — essentially, this means that our cost of living is on par with our median income. Medianincome(MSA) Cost of Living Index
  12. 12. Income Needed For Equivalent of $50,000 in Atlanta Source: C2ER, 2018 COLI Calculator $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 St. Louis MO-IL Columbus OH Indianapolis IN Detroit MI Orlando FL Houston TX Charlotte NC Cleveland OH Pittsburgh PA Atlanta GA Las Vegas NV Dallas TX Minneapolis MN Denver CO Philadelphia PA Miami-Dade County FL Baltimore MD Sacramento CA Chicago IL Los Angeles-Long Beach CA Boston MA Seattle WA Washington DC San Francisco CA New York (Manhattan) NY Each years Cost of living is one way of measuring how far a dollar can go given the prices on necessary goods and services in a given area, which ultimately translates into how much salary we need to have an adequate lifestyle in that area. Here, we see that a person living in Manhattan has to make $122,059 to have the same buying power as someone making $50,000 in Atlanta. Conversely, someone making $43,088 in St. Louis has the same buying power as someone making $50,000 in Atlanta.
  13. 13. If you are Moving From Atlanta to San Francisco and have a salary of $50K… Source: C2ER, 2018 Annual COLI If you move from Atlanta GA to San Francisco CA Groceries will cost: 31.12% more Housing will cost: 234.99% more Utilities will cost: 45.46% more Transportation will cost: 32.46% more Health will cost: 15.89% more Item Atlanta GA San Francisco CA National Average Phone $179.47 $192.85 $178.72 Tire Balance $46.35 $61.14 $47.42 Gasoline $2.64 $3.50 $2.61 Optometrist Visit $103.60 $133.29 $103.74 Doctor Visit $110.08 $148.84 $110.71 Dentist Visit $120.36 $131.50 $95.11 Ibuprofen $8.30 $12.02 $9.29 Prescription Drug $445.21 $400.37 $441.67 Hamburger $3.83 $5.58 $4.24 Pizza $9.99 $11.72 $10.32 Fried Chicken $3.97 $5.75 $4.13 Haircut $19.80 $23.68 $16.88 Beauty Salon $44.77 $71.62 $37.48 Toothpaste $2.33 $2.72 $2.40 Shampoo $0.83 $1.29 $0.99 Dry Cleaning $9.93 $15.05 $12.77 Man Dress Shirt $28.68 $44.33 $32.03 Boy Jeans $27.66 $25.08 $24.43 Women Slacks $27.89 $52.84 $31.75 Washer Repair $69.41 $66.96 $74.61 Newspaper $46.02 $21.91 $21.62 Movie $14.22 $13.51 $10.52 Yoga $16.47 $20.79 $14.83 Tennis Balls $2.63 $4.40 $2.52 Veterinary Services $52.58 $61.66 $51.47 Beer $9.48 $10.46 $9.03 Wine $12.80 $8.45 $8.83 Each years In San Francisco, you’ll need to make $96,421 to afford the same lifestyle as an Atlantan making $50,000. The table above shows that the greatest increase in expenses will come from housing, which is 235 percent higher in San Francisco than in Atlanta. The second greatest increase is in utilities, which will cost about 45 percent more.
  14. 14. Each years If you are Moving From Atlanta to Dallas and have a salary of $50K… Source: C2ER, 2018 Annual COLI If you move from Atlanta GA to Dallas TX Groceries will cost: 7.43% more Housing will cost: 0.09% more Utilities will cost: 21.47% more Transportation will cost: 1.70% less Health will cost: 3.40% less Item Atlanta GA Dallas TX National Average Phone $179.47 $179.87 $178.72 Tire Balance $46.35 $52.05 $47.42 Gasoline $2.64 $2.38 $2.61 Optometrist Visit $103.60 $103.33 $103.74 Doctor Visit $110.08 $110.28 $110.71 Dentist Visit $120.36 $101.77 $95.11 Ibuprofen $8.30 $11.42 $9.29 Prescription Drug $445.21 $455.56 $441.67 Hamburger $3.83 $4.07 $4.24 Pizza $9.99 $8.86 $10.32 Fried Chicken $3.97 $3.96 $4.13 Haircut $19.80 $26.49 $16.88 Beauty Salon $44.77 $46.95 $37.48 Toothpaste $2.33 $2.77 $2.40 Shampoo $0.83 $1.04 $0.99 Dry Cleaning $9.93 $11.72 $12.77 Man Dress Shirt $28.68 $36.69 $32.03 Boy Jeans $27.66 $25.52 $24.43 Women Slacks $27.89 $39.38 $31.75 Washer Repair $69.41 $66.25 $74.61 Newspaper $46.02 $31.96 $21.62 Movie $14.22 $11.36 $10.52 Yoga $16.47 $19.96 $14.83 Tennis Balls $2.63 $2.67 $2.52 Veterinary Services $52.58 $64.03 $51.47 Beer $9.48 $8.51 $9.03 Wine $12.80 $8.18 $8.83 In Dallas, you’ll need to make $51,764 to afford the same lifestyle as an Atlantan making $50,000. The greatest increase in expenses will come from utilities, which cost 21 percent higher more than in Atlanta. In Dallas, however, you’ll see slight savings, in transportation and health-related expenses.
  15. 15. If you are Moving From Atlanta to Charlotte and have a salary of $50K… Source: C2ER, 2018 Annual COLI If you move from Atlanta GA to Charlotte NC Groceries will cost: 0.00% more Housing will cost: 19.70% less Utilities will cost: 8.04% more Transportation will cost: 5.01% less Health will cost: 1.38% less Item Atlanta GA Charlotte NC National Average Phone $179.47 $174.22 $178.72 Tire Balance $46.35 $41.91 $47.42 Gasoline $2.64 $2.57 $2.61 Optometrist Visit $103.60 $122.56 $103.74 Doctor Visit $110.08 $106.56 $110.71 Dentist Visit $120.36 $115.25 $95.11 Ibuprofen $8.30 $6.91 $9.29 Prescription Drug $445.21 $475.76 $441.67 Hamburger $3.83 $4.20 $4.24 Pizza $9.99 $9.39 $10.32 Fried Chicken $3.97 $4.29 $4.13 Haircut $19.80 $17.33 $16.88 Beauty Salon $44.77 $37.13 $37.48 Toothpaste $2.33 $3.25 $2.40 Shampoo $0.83 $1.15 $0.99 Dry Cleaning $9.93 $10.24 $12.77 Man Dress Shirt $28.68 $40.97 $32.03 Boy Jeans $27.66 $20.52 $24.43 Women Slacks $27.89 $34.73 $31.75 Washer Repair $69.41 $77.00 $74.61 Newspaper $46.02 $10.83 $21.62 Movie $14.22 $11.78 $10.52 Yoga $16.47 $18.73 $14.83 Tennis Balls $2.63 $3.00 $2.52 Veterinary Services $52.58 $62.70 $51.47 Beer $9.48 $9.26 $9.03 Wine $12.80 $9.80 $8.83 Each years In Charlotte, you’ll only need $47,647 to afford the same lifestyle as an Atlantan making $50,000. The greatest decrease in expenses will come from housing, which is 19.7 percent less in Charlotte than in Atlanta. You’ll see a slight increase in expenditures devoted to utilities, however.

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