An Overview of Cost of Living in Redondo Beach, CA
Knowing the cost of living in Redondo Beach 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 Redondo Beach stands at 212, marking it 112% higher than the national average.
If you're in pursuit of an economical living environment, Redondo Beach 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, Redondo Beach falls within this bracket.
Housing costs significantly influence the Redondo Beach 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 337.7%. 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 Redondo Beach, you can expect to pay 16.2% 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, Redondo Beach is no exception, where grocery prices are 12.2% above the national average.
What Do Locals Say About the Cost of Living in Redondo Beach?
The most insightful perspective on a city comes from its residents. We recently surveyed 6 locals to gauge their perception of the cost of living in Redondo Beach. The feedback revealed that 0% of respondents found the cost of living to be reasonable, with prices on the decline, while 100% regarded it as notably expensive with prices that continue to rise.
Is Redondo Beach Affordable?
Wondering if Redondo Beach is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Redondo Beach, for example, the median home price is 427.4% higher than what folks pay nationally, and monthly rent is 128.1% higher than the usual rates. Plus, income levels matter too, with Redondo Beach boasting a median household income of $116,832, which is 111.2% higher than the national average.
What Factors can Influence the Cost of Living in Redondo Beach?
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 Redondo Beach, the utilities index is 12.4% higher than the national average.
Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall 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 Redondo Beach, the baseline sales tax rate begins at 7.25%, and income tax rates start at 1%.
Where is the Data From?
The cost of living in Redondo Beach, 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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