Silver Lakes, California Cost Of Living

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Overall 17%

Goods & Services 12%

Housing 26%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Silver Lakes	California	National
Cost of living	117	140	100
Goods & Services	112	111	100
Groceries	116	118	100
Health care	111	113	100
Housing	126	196	100
Transportation	126	128	100
Utilities	107	118	100

Key findings

The cost of living in Silver Lakes is 16% lower than the California average
The cost of living in Silver Lakes is 17% higher than the national average
Silver Lakes housing is 26% higher than the national average
California general sales tax is 42% higher than the national average
California state income tax is 59% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$75,000	$6,250	$1,750	$2,250
Renters	$62,753	$5,229	$1,464	$1,883

The affordability of the housing market in Silver Lakes, CA as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Silver Lakes 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 would have a maximum of $1,464 for their rent related monthly costs.

California Sales Tax

State	General Sales Tax	With Max Surtax
California	7.25%	10.5%

California Income Tax

State	Income Tax (Low)	Income Tax (High)
California	1%	13.3%

Goods & Services

Item	Silver Lakes	National avg.	Difference
Haircut	$22.40	$17.49	28.1%
Beauty Salon	$68.75	$38.17	80.1%
Toothpaste	$2.49	$2.32	7.3%
Shampoo	$1.32	$1.01	30.4%
Movie	$16.10	$10.72	50.1%
Bowling	$20.33	$13.86	46.7%

Groceries

Item	Silver Lakes	National avg.	Difference
Ground Beef	$3.32	$3.90	14.9%
Fried Chicken	$1.79	$1.40	28.2%
Milk	$2.19	$1.96	11.6%
Potatoes	$2.99	$3.18	6.1%
Pizza	$10.99	$10.39	5.7%
Beer	$9.66	$9.23	4.7%

Health Care

Item	Silver Lakes	National avg.	Difference
Optometrist	$126.40	$106.34	18.9%
Doctor	$126.00	$115.25	9.3%
Dentist	$109.40	$98.38	11.2%
Ibuprofen	$12.32	$9.26	33.0%
Lipitor	$483.87	$466.47	3.7%

Housing

Item	Silver Lakes	National avg.	Difference
Home Price	$217,400.00	$184,700.00	17.7%
Avg. Mortgage Payment	$2,944.66	$1,273.32	131.3%
Apartment Rent	$1,379.00	$949.00	45.3%

Transportation

Item	Silver Lakes	National avg.	Difference
Gasoline	$3.70	$2.59	42.8%
Tire Balancing	$50.20	$48.90	2.7%

Utilities

Item	Silver Lakes	National avg.	Difference
All Electricity	$184.11	$167.60	9.8%
Phone	$186.90	$163.42	14.4%

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

City, State	Population	Cost of Living Index	National Avg.
Lenwood, CA	4,045	96	-4%
Adelanto, CA	32,311	102	2%
Victorville, CA	121,320	107	7%
Silver Lakes, CA	6,510	117	17%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Pimmit Hills, VA	6,511	159	59%
Ishpeming, MI	6,509	79	-21%
Catasauqua, PA	6,509	95	-5%
Darnestown, MD	6,509	175	75%
Ambler, PA	6,507	116	16%
Silver Lakes, CA	6,510	117	17%

Source: The Silver Lakes, CA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Silver Lakes, CA Cost of Living

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