Boyes Hot Springs cost of living index

An overview of the general cost of living index for Boyes Hot Springs, CA is displayed above for your reference. Residents in Boyes Hot Springs, CA enjoy a cost of living index of 152. This index is 10% higher than the California average, and 52% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Boyes Hot Springs, CA, the average cost of goods and services is 11% higher than it is in California, and it is 22% higher than the national average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Boyes Hot Springs, CA to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Boyes Hot Springs, CA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Boyes Hot Springs, CA salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Boyes Hot Springs, CA as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Boyes Hot Springs, CA homeowners, the median income is $82,870. This indicates that a monthly maximum of $1,934 should be spent by homeowners on all housing related costs. Renters have a median income of $47,091. This indicates that renters should have a maximum of $1,099 used for their rent related monthly costs.

California Sales Tax

California Income Tax

For those who live in Boyes Hot Springs, CA and want to know what the true cost of living is, they ought to look at both the California income tax rate and the California sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In California, the sales tax is 7.25%, while the most you'll pay in surtax is 10.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in California, the income tax rate ranges between 1% to 13.3%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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Source: The Boyes Hot Springs, CA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.