An Overview of Cost of Living in Florence-Graham, CA
Knowing the cost of living in Florence-Graham 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 Florence-Graham stands at 137, marking it 37% higher than the national average.
The cost of living in Florence-Graham 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, Florence-Graham falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a major factor in the Florence-Graham cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 85.3% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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 Florence-Graham, these items will cost you 16.2% more than what most folks pay, making it a bit more expensive to live here.
Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Florence-Graham, it's the same story – grocery costs are 12.2% higher than what people pay across the country.
Is Florence-Graham Affordable?
Is Florence-Graham affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Florence-Graham, for instance, where the median home price falls 110.1% higher than the national average, and monthly rent rates are 27.5% higher than usual. Additionally, median income levels contribute to the equation, with Florence-Graham flaunting a median household income of $50,046, 9.5% lower than the national norm.
What Factors can Influence the Cost of Living in Florence-Graham?
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Florence-Graham, the prevailing sales tax rate starts at 7.25%, and income tax rates kick off at 1%.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Florence-Graham, the utilities index stands at 12.4% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Florence-Graham, the groceries index is 12.2% higher than the national average.
Where is the Data From?
The Florence-Graham 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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