An Overview of Cost of Living in Millbrae, CA
Understanding the cost of living in Millbrae can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Millbrae cost of living index is 288, which is 188% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, Millbrae may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Millbrae falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the Millbrae 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 569% 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 Millbrae, you you will have to spend 19.9% more than average when compared to the typical prices for these items, making it a more expensive place to live.
The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Millbrae is even less favorable, with grocery prices here being 22.5% higher than the national average.
Is Millbrae Affordable?
Is Millbrae 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 Millbrae, the median home price is 727.8% higher than what most folks pay across the country, and monthly rent prices are 198.6% higher than the usual rates. Income levels in Millbrae come in at $126,319, which is 128.3% higher than the national average.
What Factors can Influence the Cost of Living in Millbrae?
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Millbrae, healthcare costs are 24.8% higher than the national average.
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 Millbrae, the groceries index is 22.5% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Where is the Data From?
The cost of living data in Millbrae 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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