An Overview of Cost of Living in Clovis, CA
Knowing the cost of living in Clovis 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 Clovis stands at 128, marking it 28% higher than the national average.
If you prioritize affordability when seeking a new place to live, Clovis may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Clovis falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Clovis, 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 69% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
What Do Locals Say About the Cost of Living in Clovis?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 5 locals to understand their opinions on the cost of living in Clovis. The results indicated that 60% found it reasonably priced with decreasing prices of goods and services, while 40% viewed it as quite expensive, with increasing prices.
Is Clovis Affordable?
Is Clovis an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Clovis is 85.1% higher than the national average, while the average monthly rent prices are 31.4% higher than average. The affordability of any location can also be influenced by median income levels. Clovis has a median household income of $84,119, which is 52.1% higher than the national average.
What Factors can Influence the Cost of Living in Clovis?
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Clovis, the healthcare costs are 4.1% lower than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Clovis, the baseline sales tax rate begins at 7.25%, and income tax rates start at 1%.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Clovis, is 69% higher than the national average.
Where is the Data From?
The cost of living data in Clovis displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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