An Overview of Cost of Living in South Pasadena, CA
Knowing the cost of living in South Pasadena 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 South Pasadena stands at 225, marking it 125% higher than the national average.
If you prioritize affordability when seeking a new place to live, South Pasadena 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, South Pasadena falls into this category, which may not align with your preferences for a budget-friendly living environment.
When it comes to the cost of living in South Pasadena, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 379.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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 South Pasadena, you you will have to spend 16.2% 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 South Pasadena, it's the same story – grocery costs are 12.2% higher than what people pay across the country.
Is South Pasadena Affordable?
Is South Pasadena affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in South Pasadena, the median home price is 502.7% higher than the national average and monthly rent prices are 92.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with South Pasadena boasting a median household income of $109,927, 98.7% higher than the national average.
What Factors can Influence the Cost of Living in South Pasadena?
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 South Pasadena, healthcare costs are 7.9% higher than the national average.
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 South Pasadena, the transportation index is 24.3% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In South Pasadena, the groceries index is 12.2% higher than the national average.
Where is the Data From?
The cost of living data in South Pasadena displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
Here are the best places to live in California
Top 10 best public schools in South Pasadena
Top 10 cities in California with the best education system
See the best places to live in & around South Pasadena