An Overview of Cost of Living in Stevenson Ranch, CA
Are you thinking about relocating, but curious about the potential cost of living in Stevenson Ranch? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Stevenson Ranch stands at 192, making it 92% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you're in pursuit of an economical living environment, Stevenson Ranch 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, Stevenson Ranch falls within this bracket.
When it comes to the cost of living in Stevenson Ranch, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 269.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Stevenson Ranch goods and services are 16.2% more expensive than the national average, leaving you with less money at the end of the month.
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 Stevenson Ranch, the news isn't any better as grocery prices are 12.2% higher than the national average.
Is Stevenson Ranch Affordable?
Wondering if Stevenson Ranch 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 Stevenson Ranch, for example, the median home price is 332.1% higher than what folks pay nationally, and monthly rent is 123.8% higher than the usual rates. Plus, income levels matter too, with Stevenson Ranch boasting a median household income of $136,262, which is 146.3% higher than the national average.
What Factors can Influence the Cost of Living in Stevenson Ranch?
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Stevenson Ranch, healthcare costs are 7.9% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Stevenson Ranch, the housing index is 269.6% higher than the national average.
Where is the Data From?
The Stevenson Ranch cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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