Jefferson City has been ranked as one of the least expensive metropolitan areas to live in the United States, according to data from the U.S. Department of Commerce.
Recently, the U.S. Department of Commerce's Bureau of Economic Analysis looked at estimates of personal income for states and metropolitan areas between 2008 and 2012. Using information from the Consumer Price Index, the bureau calculated what's called regional price parities, which look at the overall cost of goods and services in a given area and compare them to the national average, making it easier to compare the cost of living in different places.
Based on the findings, the bureau stated Jefferson City was the second lowest metropolitan area, beaten only by Danville, Ill. The data showed Jefferson City fell 10.1 percent lower than the national average for "durable and nondurable consumption goods," 40.9 percent lower for rent costs and estimated rental values of owner-occupied homes, and 12.2 percent lower for other services.
City Administrator Steve Crowell said the ranking shows a positive reflection of the community and could be good for marketing the city.
"I also think it's important to understand and appreciate the level of services and the quality of life provided in the community," Crowell said in an email. "I think the cost of living, particularly as it relates to rents and presumably housing costs, is positive for economic development purposes, specifically as it relates to attracting students (an economic generator) and employees to work for businesses (and the employees who are also customers of other businesses in the city)."
Crowell said the designation as the second least expensive metropolitan area in the country could be particularly attractive for a capital city, which serves as a hub for a variety of activities, services and manufacturing.
Missy Bonnot, economic development director for the Jefferson City Area Chamber of Commerce, said the ranking is definitely an advantage when marketing the area to companies and talented professionals, though she noted historically, Jefferson City always has been a low cost of living community especially when it comes to housing.
"We're always very low," Bonnot said.
Bonnot said the chamber often hears that when people move to the area, they are able to purchase or rent a larger home for less of a cost than in other locations, which helps when trying to attract more professionals to the area. But, she said, cost of living is hardly the only thing companies look at when searching for new locations.
"They look at 30 to 50 different things," Bonnot said. "But it's definitely an asset for us."
Bonnot said many may be unaware, but the chamber website does offer a tool to compare the cost of living between different communities. The calculator asks for a current base salary, the location one is moving from and the location one is moving to.