An Overview of Cost of Living in Hermosa Beach, CA
The cost of living in Hermosa Beach affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Hermosa Beach is 290, which is 190% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you prioritize affordability when seeking a new place to live, Hermosa Beach 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, Hermosa Beach falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a major factor in the Hermosa Beach cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 596.3% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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 Hermosa Beach, these items will cost you 16.2% more than what most folks pay, making it a bit more expensive to live here.
The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Hermosa Beach is even less favorable, with grocery prices here being 12.2% higher than the national average.
What Do Locals Say About the Cost of Living in Hermosa Beach?
The most insightful perspective on a city comes from its residents. We recently surveyed 5 locals to gauge their perception of the cost of living in Hermosa Beach. The feedback revealed that 20% of respondents found the cost of living to be reasonable, with prices on the decline, while 80% regarded it as notably expensive with prices that continue to rise.
Is Hermosa Beach Affordable?
Is Hermosa Beach 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 Hermosa Beach, the median home price is 793.3% higher than the national average and monthly rent prices are 136.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hermosa Beach boasting a median household income of $142,500, 157.6% higher than the national average.
What Factors can Influence the Cost of Living in Hermosa Beach?
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Hermosa Beach, the utilities index registers at 12.4% 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 Hermosa Beach, the groceries index is 12.2% higher than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Hermosa Beach, the housing index comes in at 596.3% higher than the national average.
Where is the Data From?
The Hermosa Beach 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
Here are the best places to live in California
Top 10 best public schools in Hermosa Beach
Top 10 cities in California with the best education system
10 Best cities in California for employment