Cost of Living in La Crescenta-Montrose, CA

An Overview of Cost of Living in La Crescenta-Montrose, CA

The cost of living in La Crescenta-Montrose affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in La Crescenta-Montrose is 196, which is 96% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in La Crescenta-Montrose is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, La Crescenta-Montrose falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in La Crescenta-Montrose, 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 283% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In La Crescenta-Montrose, these items will cost you 16.2% more than what most folks pay, making it a bit more expensive to live here.

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 La Crescenta-Montrose, the news isn't any better as grocery prices are 12.2% higher than the national average.

Is La Crescenta-Montrose Affordable?

Is La Crescenta-Montrose 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 La Crescenta-Montrose is 364.4% higher than the national average, while the average monthly rent prices are 93.2% higher than average. The affordability of any location can also be influenced by median income levels. La Crescenta-Montrose has a median household income of $102,750, which is 85.7% higher than the national average.

What Factors can Influence the Cost of Living in La Crescenta-Montrose?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

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 La Crescenta-Montrose, the standard sales tax rate starts at 7.25%, and the income tax rates commence at 1%.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In La Crescenta-Montrose, the groceries index is 12.2% higher than the national average.

Where is the Data From?

The La Crescenta-Montrose cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.