Redwood City cost of living index

An overview of the general cost of living index for Redwood City, CA is displayed above for your reference. Residents in Redwood City, CA enjoy a cost of living index of 208. This index is 50% higher than the California average, and 108% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Redwood City, CA, the average cost of goods and services is 11% higher than it is in California, and it is 22% higher than the national average.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Redwood City, CA to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Redwood City, CA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Redwood City, CA salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Redwood City, CA, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Redwood City, CA homeowners have a median income of $124,260. Using that number, you will come up with a maximum of $2,899 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $68,556, which means there is a maximum of $1,600 to be spent on the costs of renting a home or apartment.

California Sales Tax

California Income Tax

For those who live in Redwood City, CA and want to know what the true cost of living is, they ought to look at both the California income tax rate and the California sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In California, the sales tax is 7.25%, while the most you'll pay in surtax is 10.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in California, the income tax rate ranges between 1% to 13.3%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Redwood City, CA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.