F
17%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
20%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Hanford California National
Cost of living117140100
Goods & Services105111100
Groceries107112100
Health care93109100
Housing120196100
Transportation127126100
Utilities157127100

An Overview of Cost of Living in Hanford, CA

Getting a feel for the cost of living in Hanford 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 Hanford is 117, which is 17% 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.

Housing costs make up a big chunk of the cost of living in Hanford, 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 20.2% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Hanford Affordable?

Is Hanford 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 Hanford is 25.4% higher than the national average, while the average monthly rent prices are 8.1% higher than average. The affordability of any location can also be influenced by median income levels. Hanford has a median household income of $65,974, which is 19.3% higher than the national average.

What Factors can Influence the Cost of Living in Hanford?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Hanford, the healthcare costs are 6.6% lower than the national average.

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.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Hanford, is 20.2% higher than the national average.

Where is the Data From?

The cost of living data in Hanford displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Hanford is 16% lower than the California average
  • The cost of living in Hanford is 17% higher than the national average
  • Hanford housing is 20% higher than the national average
  • California general sales tax is 42% higher than the national average
  • California state income tax is 61% lower than the national average

Most Affordable Places to Live in and Around Hanford

See all the best places to live around Hanford

Compare Hanford, CA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$83,495$6,958$1,948$2,505
      Renters$43,759$3,647$1,021$1,313
      A good way to judge both the affordability of the housing and the cost of living in Hanford is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Hanford has a median income of about $83,495 for people who own homes. Based on that number, a maximum of $1,948 should be spent on expenses related to housing. Renters have a slightly different median income, which is $43,759. Based on this average, renters should spend no more than $1,021 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Hanford National avg. Difference
      Haircut $26.25$24.268.2%
      Beauty Salon $89.33$45.5696.1%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.48$1.2815.6%
      Movie $18.12$12.1349.4%
      Bowling $22.67$18.0025.9%

      Groceries

      Item Hanford National avg. Difference
      Ground Beef $5.77$5.841.1%
      Fried Chicken $2.63$1.5767.0%
      Milk $4.91$4.675.0%
      Potatoes $4.90$4.930.6%
      Pizza $13.49$12.0911.6%
      Beer $11.13$10.416.9%

      Health Care

      Item Hanford National avg. Difference
      Optometrist $142.20$125.6813.1%
      Doctor $131.33$135.783.3%
      Dentist $131.50$113.2916.1%
      Ibuprofen $11.78$10.6510.6%
      Lipitor $508.17$468.608.4%

      Housing

      Item Hanford National avg. Difference
      Home Price $231,600.00$184,700.0025.4%
      Avg. Mortgage Payment $5,847.37$2,346.69149.2%
      Apartment Rent $1,026.00$949.008.1%

      Transportation

      Item Hanford National avg. Difference
      Gasoline $4.62$3.4633.6%
      Tire Balancing $61.00$59.921.8%

      Utilities

      Item Hanford National avg. Difference
      All Electricity $231.40$193.9919.3%
      Phone $193.81$192.250.8%
      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 Population Cost of Living Index National Avg.
      Hardwick, CA15511515.0%
      Stratford, CA7711043.5%
      Laton, CA1,9671054.8%
      London, CA1,5341065.8%
      Home Garden, CA1,5901076.6%
      Hanford, CA57,33911716.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bradenton, FL57,3461033.0%
      Taunton, MA57,32711918.9%
      Richland, WA57,35311312.5%
      Casa Grande, AZ57,3181065.5%
      Huntersville, NC57,28811918.7%
      Hanford, CA57,33911716.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.