Homestead, FL Cost Of Living
Cost Of Living In Homestead, FL Summary
Cost of living in Homestead research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Homestead is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Florida, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Homestead is 110, with 100 being the average.
The cost of living index in Homestead is 1.1x higher than the national average.
Homestead ranks as the #266 cheapest in Florida out of 459.
Homestead ranks as the #3,657 cheapest out of 6,489 in the US.
The median home value in Homestead is $445,573.
The median income in Homestead is $61,975.
Table Of Contents
Homestead's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Homestead, FL?
According to the most recent data on the cost of living, Homestead has an overall cost of living index of 110, which is 1.1x higher than the national index of 100.
Compared to Florida, Homestead has a cost of living index that's 1.1x higher than Florida's index of 97.
The standard of living in Homestead ranks as #266 most affordable out of the 459 places we measured in Florida. By definition, that implies Homestead ranks as the #193 most expensive place in the Sunshine State.
For more reading on life in Homestead, check out:
In Florida
In America
Homestead Cost Of Living Vs. Florida
Six factors go into calculating the cost of living index in Homestead. Here is how it fairs on each of the criteria:
The Services index in Homestead is 105.
The Groceries index in Homestead is 105.
The Health index in Homestead is 96.
The Housing index in Homestead is 130.
The Transportation index in Homestead is 104.
The Utilities index in Homestead is 101.
| Living Expense | Homestead | Florida | National Average | |
|---|---|---|---|---|
| Overall | 110 | 97 | 100 | |
| Services | 105 | 96 | 100 | |
| Groceries | 105 | 99 | 100 | |
| Health | 96 | 98 | 100 | |
| Housing | 130 | 96 | 100 | |
| Transportation | 104 | 97 | 100 | |
| Utilities | 101 | 95 | 100 | |
Homestead, FL Housing Cost Breakdown
Housing swings affordability the most between places in Florida, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Homestead is $445,573.
The Median Rent in Homestead is $1,619.
The Median Income in Homestead is $61,975.
The Home Value To Income in Homestead is 7.2x.
The Rent To Monthly Income in Homestead is 0.31x.
Median Home Value
Median Rent
Median Income
Homestead, FL Costs By Category
Detailed Homestead Services Costs Vs. Florida
Detailed Homestead Groceries Costs Vs. Florida
Detailed Homestead Health Costs Vs. Florida
Detailed Homestead Transportation Costs Vs. Florida
Detailed Homestead Utilities Costs Vs. Florida
Homestead SnackAbility
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Cost Of Living In Cities Around Homestead
The cost of living varies in the cities and towns around Homestead. Here's a quick look at the cost of living in the most populous nearby places:
Kendale Lakes, FL has a cost of living index of 118, 1.1x Homestead.
Coral Gables, FL has a cost of living index of 188, 1.7x Homestead.
Cutler Bay, FL has a cost of living index of 124, 1.1x Homestead.
| City | Population | Cost Of Living | Vs. Homestead |
|---|---|---|---|
| Kendale Lakes, FL | 52,141 | 118 | 1.1x |
| Coral Gables, FL | 49,243 | 188 | 1.7x |
| Cutler Bay, FL | 44,483 | 124 | 1.1x |
| Princeton, FL | 41,476 | 117 | 1.1x |
| South Miami Heights, FL | 37,525 | 112 | 1.0x |
| Richmond West, FL | 35,988 | 132 | 1.2x |
| The Crossings, FL | 22,359 | 125 | 1.1x |
| Country Walk, FL | 18,693 | 133 | 1.2x |
| Palmetto Estates, FL | 16,587 | 120 | 1.1x |
| Three Lakes, FL | 16,426 | 129 | 1.2x |
