An Overview of Cost of Living in Westmont, CA
Knowing the cost of living in Westmont 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 Westmont stands at 145, marking it 45% higher than the national average.
If you prioritize affordability when seeking a new place to live, Westmont 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, Westmont falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Westmont 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 112.9%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Westmont, these items will cost you 16.2% more than what's considered the norm, making it a more expensive place to call home.
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 Westmont, it's the same story – grocery costs are 12.2% higher than what people pay across the country.
Is Westmont Affordable?
Is Westmont an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Westmont is 149.4% higher than the national average, while the average monthly rent prices are 27.7% higher than average. The affordability of any location can also be influenced by median income levels. Westmont has a median household income of $41,119, which is 25.7% lower than the national average.
What Factors can Influence the Cost of Living in Westmont?
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase 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 Westmont, the transportation index is 24.3% 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 Westmont, the healthcare costs are 7.9% higher than the national average.
Where is the Data From?
The Westmont 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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