Are you considering moving to Missouri? Are you curious about Missouri’s cost of living? Getting a good handle on how the Show Me State’s expenses compare to your current residence can help you decide if moving is the right choice. This article will serve as a handy guide to demystify Missiouri’s cost of living, from housing expenses to food and healthcare costs. We’ll provide data from state cost of living index tools and how Missouri ranks in the nation for livability. We’ll also share a handy set of additional online resources to measure and compare cost of living expenses in different Missouri communities. When you’re planning to live in a new state, the cost of living there will be a combination of expenses required to maintain your desired lifestyle. Statista, a leading market data platform, defines “cost of living” as “the monetary cost of goods and services necessary to maintaining a certain standard of living.” This overall cost will vary significantly based on location, even within the state. But the core living expenses you’ll pay for typically include the following categories: However, the costs often extend beyond these basics to cover other expenses, such as: It’s important to note that your standard of living will depend on your income, how much debt you hold, and how dollar amounts compare to the costs of basic needs in the Missouri city where you live — or want to live. Here are some ways you can compare your current living cost with what you might experience if you move to Missouri. A cost of living index (CLI) monitors how these basic expenses shift over time in different cities or regions. It can provide a way to compare the price of maintaining a certain standard of living. The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. An index is typically standardized, with a base city or region being assigned a baseline index value (often set at 100). Other cities or regions are then compared against this benchmark. For example, a Missouri or city with a CLI of 120 would signify that living there is 20% more expensive than the base location, while an index of 80 indicates it’s 20% less expensive. A cost of living index will typically break down and score each basic expense by category. Here are separate scores for Missouri from the worldpopulationreview.com Cost of Living Index:What makes up the ‘cost of living’ in Missouri?
What’s a Missouri cost of living index (CLI)?
