Lakewood cost of living index

Displayed above is a general overview of the Lakewood, CA cost of living index. The overall cost of living index in Lakewood, CA is 144, which is 4% higher than the California average and 44% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Lakewood, CA are 1% lower than the California average and 8% higher than the national average.

Find Real Estate Listings In Lakewood

New Real Estate Listings In Lakewood

Real Estate Listings In Lakewood

The best places in California

Salary Calculator

Using the salary calculator lets you compare the salary you earn in Lakewood, CA to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Lakewood, CA, you have to earn a higher income in order to still have the same standard of living. To operate the Lakewood, CA salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Lakewood, CA, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Lakewood, CA homeowners have a median income of $92,717. Using that number, you will come up with a maximum of $2,163 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $58,271, which means there is a maximum of $1,360 to be spent on the costs of renting a home or apartment.

California Sales Tax

California Income Tax

When you are determining the total cost of living in Lakewood, CA you will want to make sure you consider both the California sales tax and the California income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in California is 7.25%, with the highest surtax being 10.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in California have a range from 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.

Nearby cities with low cost of living

Cities with similar population

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