An Overview of Cost of Living in Clearlake, CA
Knowing the cost of living in Clearlake 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 Clearlake stands at 101, marking it 1% higher than the national average.
In Clearlake, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Clearlake will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Clearlake?
The real experts on a city are its residents. That's why we reached out to 10 locals to get their views on the cost of living in Clearlake. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 40% found it budget-friendly with decreasing prices, while 60% said it's simply not affordable as prices have continued to rise.
Is Clearlake Affordable?
Is Clearlake 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 Clearlake, the median home price is 32.6% lower than the national average and monthly rent prices are 3.7% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Clearlake boasting a median household income of $36,339, 34.3% lower than the national average.
What Factors can Influence the Cost of Living in Clearlake?
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Clearlake, healthcare costs are 13.1% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Clearlake, the standard sales tax rate starts at 7.25%, and the income tax rates commence at 1%.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Clearlake, the groceries index is 8.2% higher than the national average.
Where is the Data From?
The cost of living in Clearlake, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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