An Overview of Cost of Living in Thousand Oaks, CA
Getting a feel for the cost of living in Thousand Oaks is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Thousand Oaks is 187, which is 87% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If you're in pursuit of an economical living environment, Thousand Oaks 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, Thousand Oaks falls within this bracket.
Housing costs are a very significant part of the Thousand Oaks cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 254.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Thousand Oaks, you you will have to spend 16.2% more than average when compared to the typical prices for these items, making it a more expensive place to live.
The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Thousand Oaks is even less favorable, with grocery prices here being 12.2% higher than the national average.
What Do Locals Say About the Cost of Living in Thousand Oaks?
Nobody knows their city better than the people who actually live there. So, we asked 15 local residents how they would rate the cost of living in Thousand Oaks and this is how they responded. 40% of people said that the cost of living was affordable, with prices decreasing, while 60% of people said that the cost of living was very expensive and prices continue to rise.
Is Thousand Oaks Affordable?
Is Thousand Oaks an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Thousand Oaks is 307.1% higher than the national average, while the average monthly rent prices are 132.6% higher than average. The affordability of any location can also be influenced by median income levels. Thousand Oaks has a median household income of $108,377, which is 95.9% higher than the national average.
What Factors can Influence the Cost of Living in Thousand Oaks?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Thousand Oaks, the groceries index is 12.2% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Thousand Oaks, healthcare costs are 7.9% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Thousand Oaks, the transportation index stands at 24.3% higher than the national average.
Where is the Data From?
The Thousand Oaks 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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