Cost of Living in Mission Viejo, CA

An Overview of Cost of Living in Mission Viejo, CA

Knowing the cost of living in Mission Viejo 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 Mission Viejo stands at 183, marking it 83% higher than the national average.

If you're in pursuit of an economical living environment, Mission Viejo 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, Mission Viejo falls within this bracket.

Housing costs are a major factor in the Mission Viejo 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 251% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Mission Viejo, these items will cost you 12% more than what's considered the norm, making it a more expensive place to call home.

The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Mission Viejo does not fare better, with grocery expenses coming in at 13.1% higher than the national average.

What Do Locals Say About the Cost of Living in Mission Viejo?

Locals have the inside scoop on their city. So, we polled 10 residents in Mission Viejo to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 80% find it reasonable with decreasing prices, but 20% think it's quite pricey, with prices that continue to rise.

Is Mission Viejo Affordable?

Is Mission Viejo 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 Mission Viejo is 296.4% higher than the national average, while the average monthly rent prices are 145.1% higher than average. The affordability of any location can also be influenced by median income levels. Mission Viejo has a median household income of $121,299, which is 119.3% higher than the national average.

What Factors can Influence the Cost of Living in Mission Viejo?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Mission Viejo, healthcare costs are 1.2% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Mission Viejo, the housing index stands at 251% higher than the national average.

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 Mission Viejo, the groceries index is 13.1% higher than the national average.

Where is the Data From?

The cost of living in Mission Viejo, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.