Cost of Living in La Mirada, CA

An Overview of Cost of Living in La Mirada, CA

Getting a feel for the cost of living in La Mirada 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 La Mirada is 161, which is 61% 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 value affordability in your search for a new place to live, La Mirada may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, La Mirada falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in La Mirada, 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 178.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In La Mirada, you can expect to pay 12% more than average for these items, making it a more expensive place to live.

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 Mirada, the news isn't any better as grocery prices are 13.1% higher than the national average.

Is La Mirada Affordable?

Wondering if La Mirada is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In La Mirada, for example, the median home price is 228.2% higher than what folks pay nationally, and monthly rent is 63.9% higher than the usual rates. Plus, income levels matter too, with La Mirada boasting a median household income of $92,493, which is 67.2% higher than the national average.

What Factors can Influence the Cost of Living in La Mirada?

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In La Mirada, healthcare costs are 1.2% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The La Mirada 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.