An Overview of Cost of Living in Lemoore, CA
Knowing the cost of living in Lemoore 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 Lemoore stands at 118, marking it 18% higher than the national average.
When it comes to the cost of living in Lemoore, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 26.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Lemoore?
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 Lemoore. 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 Lemoore Affordable?
Is Lemoore an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Lemoore is 31.4% higher than the national average, while the average monthly rent prices are 15.6% higher than average. The affordability of any location can also be influenced by median income levels. Lemoore has a median household income of $68,658, which is 24.1% higher than the national average.
What Factors can Influence the Cost of Living in Lemoore?
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Lemoore, the utilities index stands at 56.6% higher than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Lemoore, the baseline sales tax rate begins at 7.25%, and income tax rates start at 1%.
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 Lemoore, healthcare costs are 6.6% lower than the national average.
Where is the Data From?
The cost of living data in Lemoore displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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