An Overview of Cost of Living in Moreno Valley, CA
Are you thinking about relocating, but curious about the potential cost of living in Moreno Valley? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Moreno Valley stands at 131, making it 31% 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.
If you're in pursuit of an economical living environment, Moreno Valley 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, Moreno Valley falls within this bracket.
Housing costs are a very significant part of the Moreno Valley cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 77.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
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 Moreno Valley, 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.
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 Moreno Valley, the news isn't any better as grocery prices are 13.1% higher than the national average.
What Do Locals Say About the Cost of Living in Moreno Valley?
The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in Moreno Valley. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 56% found it budget-friendly with decreasing prices, while 44% said it's simply not affordable as prices have continued to rise.
Is Moreno Valley Affordable?
Is Moreno Valley 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 Moreno Valley, for instance, where the median home price falls 81.8% higher than the national average, and monthly rent rates are 67.2% higher than usual. Additionally, median income levels contribute to the equation, with Moreno Valley flaunting a median household income of $70,385, 27.2% higher than the national norm.
What Factors can Influence the Cost of Living in Moreno Valley?
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 with fewer subsidy offerings might experience an elevation in their cost of living.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Moreno Valley, the transportation index is 23.9% higher than the national average.
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 Moreno Valley, the standard sales tax rate starts at 7.25%, and the income tax rates commence at 1%.
Where is the Data From?
The Moreno Valley 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
Here are the best places to live in California
Top 10 best public schools in Moreno Valley
10 Best cities in California for employment
Check out the 10 safest cities in California