F
39%
Overall NAT. AVG.
16%
Goods & Services NAT. AVG.
93%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Paramount California National
Cost of living139140100
Goods & Services116111100
Groceries112112100
Health care108109100
Housing193196100
Transportation124126100
Utilities112127100

An Overview of Cost of Living in Paramount, CA

Knowing the cost of living in Paramount 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 Paramount stands at 139, marking it 39% higher than the national average.

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.

Housing costs significantly influence the Paramount 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 93.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

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 Paramount, 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 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 Paramount is even less favorable, with grocery prices here being 12.2% higher than the national average.

What Do Locals Say About the Cost of Living in Paramount?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 8 locals to understand their opinions on the cost of living in Paramount. The results indicated that 25% found it reasonably priced with decreasing prices of goods and services, while 75% viewed it as quite expensive, with increasing prices.

Is Paramount Affordable?

Is Paramount an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Paramount is 110.2% higher than the national average, while the average monthly rent prices are 54.1% higher than average. The affordability of any location can also be influenced by median income levels. Paramount has a median household income of $57,313, which is 3.6% higher than the national average.

What Factors can Influence the Cost of Living in Paramount?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Paramount, healthcare costs are 7.9% higher than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Paramount, the transportation index is 24.3% higher than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living in Paramount, 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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Cost Of Living Quick Facts

  • The cost of living in Paramount is equal to the California average
  • The cost of living in Paramount is 39% higher than the national average
  • Paramount housing is 93% higher than the national average
  • California general sales tax is 42% higher than the national average
  • California state income tax is 61% lower than the national average

Most Affordable Places to Live in and Around Paramount

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Compare Paramount, CA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$70,477$5,873$1,644$2,115
      Renters$47,972$3,998$1,119$1,439
      A good indicator of the general affordability of housing in Paramount, CA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Paramount, the median monthly income is $70,477 for those who own their own homes. Under the standard rule, that income level would allow for $1,644 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $47,972, per the median income in the area. That would allow for renters to spend up to $1,119 on monthly rental expenses.

      California Sales Tax

      State General Sales Tax With Max Surtax
      California 7.25% 10.5%

      California Income Tax

      State Income Tax (Low) Income Tax (High)
      California 1% 13.3%

      Goods & Services

      Item Paramount National avg. Difference
      Haircut $24.67$24.261.7%
      Beauty Salon $49.33$45.568.3%
      Toothpaste $3.76$3.701.5%
      Shampoo $1.41$1.289.8%
      Movie $13.46$12.1311.0%
      Bowling $19.07$18.006.0%

      Groceries

      Item Paramount National avg. Difference
      Ground Beef $6.26$5.847.2%
      Fried Chicken $2.08$1.5732.2%
      Milk $4.76$4.671.9%
      Potatoes $4.94$4.930.2%
      Pizza $16.13$12.0933.5%
      Beer $9.60$10.417.8%

      Health Care

      Item Paramount National avg. Difference
      Optometrist $129.09$125.682.7%
      Doctor $119.86$135.7811.7%
      Dentist $108.07$113.294.6%
      Ibuprofen $10.36$10.652.7%
      Lipitor $505.41$468.607.9%

      Housing

      Item Paramount National avg. Difference
      Home Price $388,300.00$184,700.00110.2%
      Avg. Mortgage Payment $2,799.02$2,346.6919.3%
      Apartment Rent $1,462.00$949.0054.1%

      Transportation

      Item Paramount National avg. Difference
      Gasoline $4.47$3.4629.3%
      Tire Balancing $58.33$59.922.6%

      Utilities

      Item Paramount National avg. Difference
      All Electricity $326.49$193.9968.3%
      Phone $182.78$192.254.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Vernon, CA24811717.0%
      Willowbrook, CA24,40113333.3%
      Rolling Hills CDP, CA83213433.9%
      Compton, CA95,80413636.2%
      Florence-Graham, CA64,78713736.5%
      Paramount, CA53,94913938.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      North Bay, ON53,968n/a 
      Aspen Hill, MD53,86913939.0%
      Rosemead, CA53,85016059.7%
      Elyria, OH53,8448713.4%
      Novato, CA53,78119797.5%
      Paramount, CA53,94913938.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.