An Overview of Cost of Living in Fontana, CA
Are you thinking about relocating, but curious about the potential cost of living in Fontana? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Fontana stands at 135, making it 35% 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.
The cost of living in Fontana 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, Fontana falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs significantly influence the Fontana cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 92.3%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Fontana, you you will have to spend 12% more than average when compared to the typical prices for these items, making it a more expensive place to live.
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 Fontana, it's the same story – grocery costs are 13.1% higher than what people pay across the country.
What Do Locals Say About the Cost of Living in Fontana?
The real experts on a city are its residents. That's why we reached out to 19 locals to get their views on the cost of living in Fontana. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 68% found it budget-friendly with decreasing prices, while 32% said it's simply not affordable as prices have continued to rise.
Is Fontana Affordable?
Is Fontana 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 Fontana, for instance, where the median home price falls 112.9% higher than the national average, and monthly rent rates are 44.2% higher than usual. Additionally, median income levels contribute to the equation, with Fontana flaunting a median household income of $75,681, 36.8% higher than the national norm.
What Factors can Influence the Cost of Living in Fontana?
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Fontana, the standard sales tax rate starts at 7.25%, and the income tax rates commence at 1%.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Where is the Data From?
The Fontana 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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