F
33%
Overall NAT. AVG.
12%
Goods & Services NAT. AVG.
86%
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 Lake Elsinore California National
Cost of living133140100
Goods & Services112111100
Groceries113112100
Health care99109100
Housing186196100
Transportation124126100
Utilities94127100

An Overview of Cost of Living in Lake Elsinore, CA

Knowing the cost of living in Lake Elsinore 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 Lake Elsinore stands at 133, marking it 33% higher than the national average.

If you're in pursuit of an economical living environment, Lake Elsinore may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Lake Elsinore falls within this bracket.

When it comes to the cost of living in Lake Elsinore, 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 86.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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 Lake Elsinore, you can expect to pay 12% more than average 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 Lake Elsinore is even less favorable, with grocery prices here being 13.1% higher than the national average.

What Do Locals Say About the Cost of Living in Lake Elsinore?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 6 locals to understand their opinions on the cost of living in Lake Elsinore. The results indicated that 50% found it reasonably priced with decreasing prices of goods and services, while 50% viewed it as quite expensive, with increasing prices.

Is Lake Elsinore Affordable?

Is Lake Elsinore 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 Lake Elsinore, for instance, where the median home price falls 98.3% higher than the national average, and monthly rent rates are 58.2% higher than usual. Additionally, median income levels contribute to the equation, with Lake Elsinore flaunting a median household income of $74,490, 34.6% higher than the national norm.

What Factors can Influence the Cost of Living in Lake Elsinore?

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 Lake Elsinore, the transportation index is 23.9% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Lake Elsinore, the groceries index is 13.1% higher than the national average.

Where is the Data From?

The Lake Elsinore 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.

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Cost Of Living Quick Facts

  • The cost of living in Lake Elsinore is 4% lower than the California average
  • The cost of living in Lake Elsinore is 33% higher than the national average
  • Lake Elsinore housing is 86% 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 Lake Elsinore

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Compare Lake Elsinore, 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$91,760$7,647$2,141$2,753
      Renters$39,474$3,290$921$1,184
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lake Elsinore, CA, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Lake Elsinore, homeowners have a median income of $91,760. Using that number, a maximum of $2,141 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $39,474, which means there is a maximum of $921 to be spent on the costs of renting a home or apartment.

      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 Lake Elsinore National avg. Difference
      Haircut $27.27$24.2612.4%
      Beauty Salon $41.78$45.568.3%
      Toothpaste $3.61$3.702.6%
      Shampoo $1.34$1.284.9%
      Movie $11.04$12.139.0%
      Bowling $21.11$18.0017.3%

      Groceries

      Item Lake Elsinore National avg. Difference
      Ground Beef $5.89$5.840.8%
      Fried Chicken $3.49$1.57121.9%
      Milk $4.92$4.675.4%
      Potatoes $4.92$4.930.3%
      Pizza $15.31$12.0926.6%
      Beer $10.26$10.411.4%

      Health Care

      Item Lake Elsinore National avg. Difference
      Optometrist $112.92$125.6810.2%
      Doctor $95.50$135.7829.7%
      Dentist $117.28$113.293.5%
      Ibuprofen $10.58$10.650.7%
      Lipitor $521.17$468.6011.2%

      Housing

      Item Lake Elsinore National avg. Difference
      Home Price $366,200.00$184,700.0098.3%
      Avg. Mortgage Payment $2,441.43$2,346.694.0%
      Apartment Rent $1,501.00$949.0058.2%

      Transportation

      Item Lake Elsinore National avg. Difference
      Gasoline $4.75$3.4637.3%
      Tire Balancing $61.38$59.922.4%

      Utilities

      Item Lake Elsinore National avg. Difference
      All Electricity $378.97$193.9995.4%
      Phone $180.31$192.256.2%
      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.
      Homeland, CA7,6131065.8%
      Good Hope, CA8,43111413.7%
      Warm Springs, CA1,44511414.4%
      Meadowbrook, CA4,20811515.2%
      Green Acres, CA3,85511515.4%
      Lake Elsinore, CA64,20113333.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Youngstown, OH64,1528218.1%
      South Hill, WA64,10413434.1%
      Cheyenne, WY64,0991043.5%
      Port Charlotte, FL64,3351022.0%
      San Marcos, TX64,053981.9%
      Lake Elsinore, CA64,20113333.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.