An Overview of Cost of Living in Oak Hills, CA
Understanding the cost of living in Oak Hills 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 Oak Hills cost of living index is 131, which is 31% 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, Oak Hills 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, Oak Hills falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs significantly influence the Oak Hills 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 77.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Oak Hills, you can expect to pay 12% more than average 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, Oak Hills is no exception, where grocery prices are 13.1% above the national average.
Is Oak Hills Affordable?
Is Oak Hills affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Oak Hills, for instance, where the median home price falls 99.7% higher than the national average, and monthly rent rates are 25.4% higher than usual. Additionally, median income levels contribute to the equation, with Oak Hills flaunting a median household income of $93,947, 69.8% higher than the national norm.
What Factors can Influence the Cost of Living in Oak Hills?
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 Oak Hills, the transportation index is 23.9% 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 Oak Hills, healthcare costs are 1.2% lower than the national average.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Oak Hills starts at 7.25% and the income tax rates start at 1%.
Where is the Data From?
The cost of living in Oak Hills, 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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