An Overview of Cost of Living in North Highlands, CA
Understanding the cost of living in North Highlands 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 North Highlands cost of living index is 117, which is 17% 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.
Housing costs are a very significant part of the North Highlands 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 29.6% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is North Highlands Affordable?
Is North Highlands 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 North Highlands, the median home price is 30.9% higher than the national average and monthly rent prices are 26.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with North Highlands boasting a median household income of $50,816, 8.1% lower than the national average.
What Factors can Influence the Cost of Living in North Highlands?
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In North Highlands, the housing index is 29.6% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In North Highlands, the transportation index stands at 20.8% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In North Highlands, the general sales tax rate starts at 7.25%, and income tax rates begin at 1%.
Where is the Data From?
The North Highlands cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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