An Overview of Cost of Living in West Rancho Dominguez, CA
Knowing the cost of living in West Rancho Dominguez 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 West Rancho Dominguez stands at 140, marking it 40% higher than the national average.
If you're in pursuit of an economical living environment, West Rancho Dominguez 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, West Rancho Dominguez falls within this bracket.
When it comes to the cost of living in West Rancho Dominguez, 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 96.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In West Rancho Dominguez, these items will cost you 16.2% more than what most folks pay, making it a bit more expensive to live here.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, West Rancho Dominguez does not fare better, with grocery expenses coming in at 12.2% higher than the national average.
Is West Rancho Dominguez Affordable?
Is West Rancho Dominguez an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in West Rancho Dominguez, the median home price is 124.3% higher than what most folks pay across the country, and monthly rent prices are 33.1% higher than the usual rates. Income levels in West Rancho Dominguez come in at $67,523, which is 22.1% higher than the national average.
What Factors can Influence the Cost of Living in West Rancho Dominguez?
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 West Rancho Dominguez, the groceries index is 12.2% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In West Rancho Dominguez, healthcare costs are 7.9% higher than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in West Rancho Dominguez comes in at 12.4% higher than the national average.
Where is the Data From?
The cost of living data in West Rancho Dominguez 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.
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