An Overview of Cost of Living in Long Beach, CA
Knowing the cost of living in Long Beach 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 Long Beach stands at 157, marking it 57% higher than the national average.
If you value affordability in your search for a new place to live, Long Beach 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, Long Beach falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs significantly influence the Long Beach cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 165.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
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, Long Beach goods and services are 12% 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, Long Beach is no exception, where grocery prices are 13.1% above the national average.
What Do Locals Say About the Cost of Living in Long Beach?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 20 locals to understand their opinions on the cost of living in Long Beach. The results indicated that 35% found it reasonably priced with decreasing prices of goods and services, while 65% viewed it as quite expensive, with increasing prices.
Is Long Beach Affordable?
Is Long Beach an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Long Beach, the median home price is 216.3% higher than what most folks pay across the country, and monthly rent prices are 46.6% higher than the usual rates. Income levels in Long Beach come in at $66,410, which is 20% higher than the national average.
What Factors can Influence the Cost of Living in Long Beach?
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 Long Beach, the groceries index is 13.1% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Long Beach, healthcare costs are 1.2% lower 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.
Where is the Data From?
The cost of living in Long Beach, 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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