An Overview of Cost of Living in Milpitas, CA
The cost of living in Milpitas affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Milpitas is 212, which is 112% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you prioritize affordability when seeking a new place to live, Milpitas 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, Milpitas falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Milpitas 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 334.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
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 Milpitas, it's the same story – grocery costs are 14.5% higher than what people pay across the country.
What Do Locals Say About the Cost of Living in Milpitas?
Locals have the inside scoop on their city. So, we polled 11 residents in Milpitas to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 27% find it reasonable with decreasing prices, but 73% think it's quite pricey, with prices that continue to rise.
Is Milpitas Affordable?
Wondering if Milpitas 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 Milpitas, for example, the median home price is 402% higher than what folks pay nationally, and monthly rent is 176.7% higher than the usual rates. Plus, income levels matter too, with Milpitas boasting a median household income of $137,000, which is 147.6% higher than the national average.
What Factors can Influence the Cost of Living in Milpitas?
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 Milpitas, the groceries index is 14.5% higher than the national average.
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 Milpitas, the healthcare costs are 22.6% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Milpitas, the housing index stands at 334.4% higher than the national average.
Where is the Data From?
The Milpitas cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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