An Overview of Cost of Living in San Carlos, CA
Knowing the cost of living in San Carlos 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 San Carlos stands at 310, marking it 210% higher than the national average.
If you prioritize affordability when seeking a new place to live, San Carlos may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, San Carlos falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a major factor in the San Carlos cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 642.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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 San Carlos, these items will cost you 19.9% more than what's considered the norm, making it a more expensive place to call home.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in San Carlos, the news isn't any better as grocery prices are 22.5% higher than the national average.
Is San Carlos Affordable?
Is San Carlos affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in San Carlos, the median home price is 851.2% higher than the national average and monthly rent prices are 155.3% higher than the typical rates. Additionally, the median income levels play a role in affordability, with San Carlos boasting a median household income of $189,739, 243% higher than the national average.
What Factors can Influence the Cost of Living in San Carlos?
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In San Carlos, healthcare costs are 24.8% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In San Carlos, the groceries index registers 22.5% 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 San Carlos, the utilities index stands at 35.8% higher than the national average.
Where is the Data From?
The cost of living data in San Carlos displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.