An Overview of Cost of Living in Rancho Santa Margarita, CA
The cost of living in Rancho Santa Margarita affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Rancho Santa Margarita is 175, which is 75% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Rancho Santa Margarita is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Rancho Santa Margarita falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs significantly influence the Rancho Santa Margarita 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 225%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
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 Santa Margarita, 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 Santa Margarita, 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 Santa Margarita?
Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Rancho Santa Margarita and this is how they responded. 0% of people said that the cost of living was affordable, with prices decreasing, while 100% of people said that the cost of living was very expensive and prices continue to rise.
Is Rancho Santa Margarita Affordable?
Is Rancho Santa Margarita an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Rancho Santa Margarita, the median home price is 267.9% higher than what most folks pay across the country, and monthly rent prices are 124.8% higher than the usual rates. Income levels in Rancho Santa Margarita come in at $125,329, which is 126.5% higher than the national average.
What Factors can Influence the Cost of Living in Rancho Santa Margarita?
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 Rancho Santa Margarita, the transportation index is 23.9% higher than the national average.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Rancho Santa Margarita, the utilities index stands at 5.9% lower than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Rancho Santa Margarita, the housing index is 225% higher than the national average.
Where is the Data From?
The Rancho Santa Margarita cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
Here are the best places to live in California
10 best cities to buy a new house in California
10 Best cities in California for employment
See the best places to live in & around Rancho Santa Margarita