An Overview of Cost of Living in Aliso Viejo, CA
Knowing the cost of living in Aliso Viejo allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Aliso Viejo stands at 174, marking it 74% higher than the national average.
The cost of living in Aliso Viejo is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Aliso Viejo falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs make up a big chunk of the cost of living in Aliso Viejo, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 222.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Aliso Viejo, these items will cost you 12% more than what most folks pay, making it a bit more expensive to live here.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Aliso Viejo, the news isn't any better as grocery prices are 13.1% higher than the national average.
What Do Locals Say About the Cost of Living in Aliso Viejo?
Nobody knows their city better than the people who actually live there. So, we asked 14 local residents how they would rate the cost of living in Aliso Viejo and this is how they responded. 14% of people said that the cost of living was affordable, with prices decreasing, while 86% of people said that the cost of living was very expensive and prices continue to rise.
Is Aliso Viejo Affordable?
Is Aliso Viejo affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Aliso Viejo, the median home price is 255.5% higher than the national average and monthly rent prices are 146% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Aliso Viejo boasting a median household income of $118,540, 114.3% higher than the national average.
What Factors can Influence the Cost of Living in Aliso Viejo?
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Aliso Viejo, healthcare costs are 1.2% lower than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Aliso Viejo, the transportation index is 23.9% higher than the national average.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Aliso Viejo, the groceries index is 13.1% higher than the national average.
Where is the Data From?
The Aliso Viejo cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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