An Overview of Cost of Living in Rancho Cucamonga, CA
Knowing the cost of living in Rancho Cucamonga 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 Rancho Cucamonga stands at 154, marking it 54% higher than the national average.
If you're in pursuit of an economical living environment, Rancho Cucamonga may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Rancho Cucamonga falls within this bracket.
Housing costs are a very significant part of the Rancho Cucamonga 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 154% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Rancho Cucamonga, these items will cost you 12% more than what's considered the norm, making it a more expensive place to call home.
Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Rancho Cucamonga, it's the same story – grocery costs are 13.1% higher than what people pay across the country.
What Do Locals Say About the Cost of Living in Rancho Cucamonga?
Locals have the inside scoop on their city. So, we polled 13 residents in Rancho Cucamonga to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 38% find it reasonable with decreasing prices, but 62% think it's quite pricey, with prices that continue to rise.
Is Rancho Cucamonga Affordable?
Is Rancho Cucamonga 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 Rancho Cucamonga, for instance, where the median home price falls 179.2% higher than the national average, and monthly rent rates are 95.5% higher than usual. Additionally, median income levels contribute to the equation, with Rancho Cucamonga flaunting a median household income of $92,290, 66.8% higher than the national norm.
What Factors can Influence the Cost of Living in Rancho Cucamonga?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Rancho Cucamonga, the groceries index is 13.1% higher than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Rancho Cucamonga, healthcare costs are 1.2% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Rancho Cucamonga, the utilities index registers at 5.9% lower than the national average.
Where is the Data From?
The Rancho Cucamonga 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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