Cost of Living in Compton, CA

An Overview of Cost of Living in Compton, CA

Are you thinking about relocating, but curious about the potential cost of living in Compton? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Compton stands at 136, making it 36% 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 affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Compton is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Compton falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Compton, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 84.4% more than the average city. This includes stuff like home prices, rent, 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 Compton, 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 Compton 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 Compton?

The real experts on a city are its residents. That's why we reached out to 25 locals to get their views on the cost of living in Compton. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 48% found it budget-friendly with decreasing prices, while 52% said it's simply not affordable as prices have continued to rise.

Is Compton Affordable?

Is Compton affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Compton, for instance, where the median home price falls 107.6% higher than the national average, and monthly rent rates are 30.2% higher than usual. Additionally, median income levels contribute to the equation, with Compton flaunting a median household income of $58,703, 6.1% higher than the national norm.

What Factors can Influence the Cost of Living in Compton?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

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 Compton, the groceries index is 12.2% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Compton, healthcare costs are 7.9% higher than the national average.

Where is the Data From?

The cost of living in Compton, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.