Silver Lakes cost of living index

An overview of the general cost of living index for Silver Lakes, CA is displayed above for your reference. Residents in Silver Lakes, CA enjoy a cost of living index of 116. This index is 16% lower than the California average, and 16% 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 Silver Lakes, CA, the average cost of goods and services is 1% lower than it is in California, and it is 9% higher than the national average.

Find Real Estate Listings In Silver Lakes

New Real Estate Listings In Silver Lakes

Real Estate Listings In Silver Lakes

The best places in California

Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Silver Lakes, 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 Silver Lakes, CA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Silver Lakes, 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

The affordability of the housing market in Silver Lakes, CA as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Silver Lakes, CA homeowners, the median income is $75,000. This indicates that a monthly maximum of $1,750 should be spent by homeowners on all housing related costs. Renters have a median income of $62,753. This indicates that renters should have a maximum of $1,464 used for their rent related monthly costs.

California Sales Tax

California Income Tax

When you are determining the total cost of living in Silver Lakes, CA you will want to make sure you consider both the California sales tax and the California income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in California is 7.25%, with the highest surtax being 10.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in California have a range from 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.

Nearby cities with low cost of living

Cities with similar population

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