An Overview of Cost of Living in Indio, CA
Knowing the cost of living in Indio 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 Indio stands at 123, marking it 23% higher than the national average.
If you're in pursuit of an economical living environment, Indio 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, Indio falls within this bracket.
Housing costs make up a big chunk of the cost of living in Indio, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 45.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Indio goods and services are 12.6% more expensive than the national average, leaving you with less money at the end of the month.
The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Indio is no exception, where grocery prices are 15.6% above the national average.
Is Indio Affordable?
Is Indio 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 Indio, the median home price is 57.1% higher than the national average and monthly rent prices are 17.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Indio boasting a median household income of $53,434, 3.4% lower than the national average.
What Factors can Influence the Cost of Living in Indio?
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 Indio, the groceries index is 15.6% higher than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Indio, healthcare costs are 5% higher than the national average.
Where is the Data From?
The Indio 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.
Here are the best places to live in California
See the best places to live in & around Indio
10 Best cities in California for employment
10 best cities to buy a new house in California