| Index | Paramount | California | National |
| Cost of living | 141 | 141 | 100 |
| Groceries | 110 | 111 | 100 |
| Health care | 113 | 116 | 100 |
| Housing | 199 | 197 | 100 |
| Transportation | 117 | 118 | 100 |
| Utilities | 120 | 119 | 100 |
| Lifestyle & Entertainment | 123 | 120 | 100 |
| Household Items | 109 | 111 | 100 |
| Education & Childcare | 124 | 127 | 100 |
Getting a feel for the cost of living in Paramount is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Paramount is 141, which is 41% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Paramount is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Paramount falls into this category, which may not be suitable for those seeking an economically favorable living environment.
When it comes to the cost of living in Paramount, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 98.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
The real experts on a city are its residents. That's why we reached out to 8 locals to get their views on the cost of living in Paramount. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 25% found it budget-friendly with decreasing prices, while 75% said it's simply not affordable as prices have continued to rise.
Is Paramount 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 Paramount, for instance, where the median home price falls 118.2% higher than the national average, and monthly rent rates are 53.8% higher than usual. Additionally, median income levels contribute to the equation, with Paramount flaunting a median household income of $84,335, 3.7% higher than the national norm.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Paramount, the utilities index is 20% higher than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Paramount, the baseline sales tax rate begins at 7.25%, and income tax rates start at 1%.
The cost of living data for Paramount shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
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| Groceries index | |
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $104,915 | $8,743 | $2,448 | $3,148 |
| Renters | $72,779 | $6,065 | $1,698 | $2,184 |
| State | General Sales Tax | With Max Surtax |
| California | 7.25% | 10.5% |
| State | Income Tax (Low) | Income Tax (High) |
| California | 1% | 13.3% |
| City | Population | Cost of Living Index | National Avg. |
| Vernon, CA | 254 | 117 | 16.8% |
| Rolling Hills CDP, CA | 855 | 133 | 33.4% |
| Willowbrook, CA | 25,347 | 136 | 36.0% |
| East Rancho Dominguez, CA | 15,765 | 136 | 36.3% |
| Florence-Graham, CA | 66,603 | 138 | 38.2% |
| Paramount, CA | 55,175 | 141 | 40.7% |
| City | Population | Cost of Living Index | National Avg. |
| Summerville, SC | 55,185 | 104 | 4.0% |
| St. Cloud, FL | 55,190 | 110 | 9.8% |
| Minnetonka, MN | 55,235 | 126 | 25.9% |
| Kingsport, TN | 55,254 | 92 | 7.8% |
| Dollard-Des Ormeaux, QC | 55,066 | n/a | |
| Paramount, CA | 55,175 | 141 | 40.7% |
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