An Overview of Cost of Living in Inglewood, CA
Knowing the cost of living in Inglewood 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 Inglewood stands at 157, marking it 57% higher than the national average.
If you're in pursuit of an economical living environment, Inglewood 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, Inglewood falls within this bracket.
Housing costs make up a big chunk of the cost of living in Inglewood, 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 155% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Inglewood goods and services are 16.2% more expensive than the national average, leaving you with less money at the end of the month.
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 Inglewood, the news isn't any better as grocery prices are 12.2% higher than the national average.
Is Inglewood Affordable?
Is Inglewood 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 Inglewood, for instance, where the median home price falls 200.5% higher than the national average, and monthly rent rates are 49% higher than usual. Additionally, median income levels contribute to the equation, with Inglewood flaunting a median household income of $58,536, 5.8% higher than the national norm.
What Factors can Influence the Cost of Living in Inglewood?
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Inglewood starts at 7.25% and the income tax rates start at 1%.
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 Inglewood, the healthcare costs are 7.9% higher than the national average.
Where is the Data From?
The cost of living in Inglewood, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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