An Overview of Cost of Living in Marina del Rey, CA
Knowing the cost of living in Marina del Rey 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 Marina del Rey stands at 212, marking it 112% higher than the national average.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Marina del Rey is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Marina del Rey falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a very significant part of the Marina del Rey cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 335.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Marina del Rey, you you will have to spend 16.2% more than average when compared to the typical prices for these items, making it a more expensive place to live.
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, Marina del Rey is no exception, where grocery prices are 12.2% above the national average.
Is Marina del Rey Affordable?
Is Marina del Rey 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 Marina del Rey, the median home price is 383.5% higher than the national average and monthly rent prices are 223.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Marina del Rey boasting a median household income of $120,437, 117.7% higher than the national average.
What Factors can Influence the Cost of Living in Marina del Rey?
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 Marina del Rey, the groceries index is 12.2% higher than the national average.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Marina del Rey, the transportation index is 24.3% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Marina del Rey, the housing index stands at 335.4% higher than the national average.
Where is the Data From?
The cost of living in Marina del Rey, 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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