An Overview of Cost of Living in Lakeland Village, CA
Are you thinking about relocating, but curious about the potential cost of living in Lakeland Village? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lakeland Village stands at 129, making it 29% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you value affordability in your search for a new place to live, Lakeland Village may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Lakeland Village falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs make up a big chunk of the cost of living in Lakeland Village, 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 70.6% 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, Lakeland Village goods and services are 12% more expensive than the national average, leaving you with less money at the end of the month.
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 Lakeland Village, it's the same story – grocery costs are 13.1% higher than what people pay across the country.
Is Lakeland Village Affordable?
Is Lakeland Village affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lakeland Village, for instance, where the median home price falls 79.5% higher than the national average, and monthly rent rates are 49.7% higher than usual. Additionally, median income levels contribute to the equation, with Lakeland Village flaunting a median household income of $59,440, 7.4% higher than the national norm.
What Factors can Influence the Cost of Living in Lakeland Village?
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Lakeland Village, the housing index is 70.6% higher than the national average.
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.
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 Lakeland Village, the groceries index is 13.1% higher than the national average.
Where is the Data From?
The cost of living in Lakeland Village, 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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