An Overview of Cost of Living in Pomona, CA
The cost of living in Pomona 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 Pomona is 139, which is 39% 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 value affordability in your search for a new place to live, Pomona may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Pomona falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs significantly influence the Pomona 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 103.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
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, Pomona goods and services are 12% more expensive than the national average, leaving you with less money at the end of the month.
The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Pomona is no exception, where grocery prices are 13.1% above the national average.
What Do Locals Say About the Cost of Living in Pomona?
Locals have the inside scoop on their city. So, we polled 8 residents in Pomona 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? 38% find it reasonable with decreasing prices, but 63% think it's quite pricey, with prices that continue to rise.
Is Pomona Affordable?
Is Pomona 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 Pomona, for instance, where the median home price falls 127.7% higher than the national average, and monthly rent rates are 48.2% higher than usual. Additionally, median income levels contribute to the equation, with Pomona flaunting a median household income of $62,407, 12.8% higher than the national norm.
What Factors can Influence the Cost of Living in Pomona?
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 Pomona, the groceries index is 13.1% higher than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Pomona, healthcare costs are 1.2% lower than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Pomona, the transportation index is 23.9% higher than the national average.
Where is the Data From?
The Pomona 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.
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