Located in the county of Baldwin, Fairhope, Alabama has always been known as an excellent resort community. Vacationers come here because of its pleasant climate, peaceful surroundings, and breathtaking scenery; and many have decided to make this city their new home.
Are you thinking of living in Fairhope, Alabama? If you are, it would be beneficial for you to know the Fairhope cost of living. Read on to learn more about this and why this information is essential to anyone who’s considering moving to another location.
What is Cost of Living?
The term cost of living refers to the amount of money an individual needs in order to cover basic expenses, such as housing, food, transportation, and healthcare, in a particular location and time period.
The cost of living of a specific place, such as Foley, AL, is often used to determine the affordability of living in this location and compare this with the cost of living in one’s current place of residence.
A cost-of-living index is particularly helpful if you are considering moving to Foley and you want to see if living in this city would be beneficial for you given your projected income. This index is based on a national average of 100.
So, for example, if the COL index of housing in a given area is 130, then it is 30% higher than the national average. Below is a table showing the cost of living in Fairhope, Alabama to give you an idea how expensive or affordable this location is relative to the state and the rest of the country.
|Cost of Living||Fairhope||Alabama||United States|
As you can see from the table above, the overall cost of living in Fairhope, AL is 3.3% higher than the national average.
The state average is only at an index of 84.1, and so this means that the overall cost of living in Alabama is less expensive compared to the rest of the country and even less compared to Foley.
Average Cost of Living in Fairhope, AL
Let’s take a look at the average costs of basic expenses in Fairhope relative to the state of Alabama and the whole of the United States, to give you a better idea how living here would impact your budget.
|Median Home Value||$321,900||$149,600||$229,800|
|Median Apartment Rent||$1,312||$811||$1,096|
Based on the cost-of-living index table provided previously, housing costs in Fairhope are 22.2% higher than the national average. The median home value in this city is $321,900, which is more expensive than the median values for homes in Alabama and the rest of the country, at $149,600 and $229,800, respectively.
If you have been wondering why we chose to show the median values and not the average home price in Fairhope, AL, it’s because when there is a possibility of extreme values, the median is generally the better measure to use.
For instance, the lowest home value in Fairhope is around $185,000, which is in Montrose. On the other hand, the most expensive homes which can be found in The Bluffs are valued at $1.4 million.
Because the median is calculated by taking the middle value, the value for which half of the observations are larger and half are smaller, the median shows a more accurate picture of the real estate scene in Fairhope.
Renting an apartment in Fairhope is much higher in Fairhope compared to the state and the rest of the nation, at an average monthly rent of $1,312. The rent in Alabama is $811 and in the country is $1,096.
If you want to find the best cheap apartments in Fairhope, AL, working with a real estate agent can help save you time and money.
Generally, utilities are cheaper in Fairhope, AL, 1.6% lower than the national average. Electricity bill is $164.41 on average, about $3 lower than the state average. Phone expenses, though, are a bit higher than the state average, at $181.81.
Food and Groceries
The cost of food and groceries in Fairhope, AL are pretty much aligned with the national average. To give you a better idea of the affordability of the basic expenses in this town, we have listed the average price of food and grocery items below:
|Grocery Items||Fairhope Average||National Average|
Transportation has the lowest cost-of-living index among all the basic expenses in Fairhope, at 76.5. This means that transportation expenses in this area are 23.5% lower than the national average.
Commuting in Fairhope takes 24.6 minutes, shorter than the national average of 26.4 minutes. 83.6% of residents drive to work with their own car, 6% carpool with others, and 0.5% take mass transit; while 7.9% work from home.
Healthcare costs in Fairhope, which include visits to doctors and buying medicines, are 15.5% higher compared to the national average.
Below, you’ll see that an appointment with an optometrist or a dentist is more expensive than the U.S. average. On the other hand, a checkup with a doctor is a few dollars cheaper. The cost of common medicines is higher than the national average as well.
|Healthcare||Average Cost||National Average|
Overall, the cost of living in Fairhope, AL is higher than the rest of the nation. However, residents can attest that this is all worth it, given the amenities, scenic views, and small-town ambiance.
If you’re interested in moving here, don’t hesitate. I can show you all the best options for your budget and preferences. Give me a call at 251-716-1421 today!
Frequently Asked Questions
The total cost of basic expenses for a single adult in Fairhope, AL is $39,425 a year. This includes housing, food, childcare, transportation, health care, taxes, and other necessities. The overall cost of living in this town is higher than the annual cost of living for Alabama and the national average, at $35,317 and $38,433, respectively.
The average household income in Fairhope, AL is $113,061. Residents who are 25 to 44 years old earn $102,661, while those between 45 and 64 years of age have a median wage of $106,991.
In contrast, those below 25 years old and above 65 earn less, at $47,889 and $61,424, respectively.