INDIAN RIVER COUNTY — It costs slightly more to live in Indian River County in 2014 than it did in 2013, according to the latest Cost of Living figures released by The Council for Community and Economic Research (C2ER).
Among the 281 urban areas participating in the 2014 Cost of Living Index survey, the standard of living cost for a professional ranged from more than twice the national average in Manhattan, N.Y. to almost 19 percent below the national average in Harlingen, Texas. The Cost of Living Index is published quarterly by C2ER – The Council for Community and Economic Research. The data represents average prices submitted by participating local organizations for the first three quarters of 2014.
The Indian River County Chamber of Commerce has conducted the Cost of Living surveys since 1996 with assistance from Chamber volunteers. The Vero Beach-Sebastian metro area is one of 13 communities statewide to participate, and the only community in Florida’s Research Coast region to do so.
The Index reflects cost differentials of consumer goods and services for professional and executive households in the top income quintile throughout the U.S. It is based on more than 90,000 prices covering 60 different items in six categories: housing, utilities, grocery items, health care, transportation, plus miscellaneous goods and services.
“This type of data is often used by consultants when conducting their due diligence in the site selection process,” states Helene Caseltine, Economic Development Director for the Chamber. “It’s also helpful when an individual is considering a relocation from one city to another, especially in terms of salary negotiations.”
Based on raw data provided by the Indian River Chamber, the Vero Beach-Sebastian metro area cost of living index was 100.4 for the first three quarters of 2014, slightly higher than the 2013 figure of 98.8 but well below the cost of living in South Florida. Miami-Dade and the Fort Lauderdale area had 2014 composite indexes of 111.4 and 115.1, respectively.
Nationally, the New York-Manhattan area ranked as being the most expensive place to live in the U.S., with an overall composite index of 222.6. Harlingen, Texas, near Brownsville and McAllen on the Texas border, was the least expensive with an average index of 81.4.
In 2014, the average sale of a new 2400 square foot 4-bedroom/2-bath home in Indian River County was $276,785, slightly more than in 2013 when the average selling price was $262,148. The raw data collected on new home sales in 2014 shows that the selling prices of homes surveyed were slightly higher than many of the homes’ list prices. The mean sales price among participating communities across the U.S. in 2014 was $265,836.
The Chamber provides a Cost-of-Living calculator on its website, www.indianriverchamber.com, comparing Indian River County to other participating communities in Florida and the U.S., based on the current price indexes as well as current demographic and other economic data. For more information on this report and other pertinent data, call Helene Caseltine, CEcD, Director of Economic Development at the Chamber, (772) 567-3491.
The Indian River County Chamber of Commerce is designated by the Board of County Commissioners as the primary economic development agency to recruit new targeted industry and assist in the growth and expansion of existing industry.