Cost of Living in East Rancho Dominguez, CA

An Overview of Cost of Living in East Rancho Dominguez, CA

Knowing the cost of living in East Rancho Dominguez allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in East Rancho Dominguez stands at 137, marking it 37% higher than the national average.

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 East Rancho Dominguez 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, East Rancho Dominguez falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a major factor in the East Rancho Dominguez cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 86% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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 East Rancho Dominguez, 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 relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, East Rancho Dominguez is no exception, where grocery prices are 12.2% above the national average.

Is East Rancho Dominguez Affordable?

Is East Rancho Dominguez 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 East Rancho Dominguez is 105.4% higher than the national average, while the average monthly rent prices are 40.6% higher than average. The affordability of any location can also be influenced by median income levels. East Rancho Dominguez has a median household income of $55,615, which is 0.5% higher than the national average.

What Factors can Influence the Cost of Living in East Rancho Dominguez?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In East Rancho Dominguez, the standard sales tax rate starts at 7.25%, and the income tax rates commence at 1%.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In East Rancho Dominguez, the transportation index is 24.3% 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.

Where is the Data From?

The East Rancho Dominguez 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.