An Overview of Cost of Living in Baldwin Park, CA
Are you thinking about relocating, but curious about the potential cost of living in Baldwin Park? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Baldwin Park stands at 145, making it 45% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you're in pursuit of an economical living environment, Baldwin Park may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Baldwin Park falls within this bracket.
Housing costs are a very significant part of the Baldwin Park cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 113.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Baldwin Park, these items will cost you 16.2% more than what's considered the norm, making it a more expensive place to call home.
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 Baldwin Park, the news isn't any better as grocery prices are 12.2% higher than the national average.
Is Baldwin Park Affordable?
Wondering if Baldwin Park is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Baldwin Park, for example, the median home price is 136.5% higher than what folks pay nationally, and monthly rent is 60.5% higher than the usual rates. Plus, income levels matter too, with Baldwin Park boasting a median household income of $68,741, which is 24.3% higher than the national average.
What Factors can Influence the Cost of Living in Baldwin Park?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Baldwin Park comes in at 12.4% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Baldwin Park, the general sales tax rate starts at 7.25%, and income tax rates begin at 1%.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Baldwin Park, the housing index is 113.7% higher than the national average.
Where is the Data From?
The Baldwin Park 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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