Cost of Living in Montebello, CA

An Overview of Cost of Living in Montebello, CA

Knowing the cost of living in Montebello 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 Montebello stands at 154, marking it 54% higher than the national average.

If you prioritize affordability when seeking a new place to live, Montebello may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Montebello falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a major factor in the Montebello 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 142.3% 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 Montebello, these items will cost you 16.2% 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, Montebello does not fare better, with grocery expenses coming in at 12.2% higher than the national average.

What Do Locals Say About the Cost of Living in Montebello?

Locals have the inside scoop on their city. So, we polled 5 residents in Montebello 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? 60% find it reasonable with decreasing prices, but 40% think it's quite pricey, with prices that continue to rise.

Is Montebello Affordable?

Is Montebello 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 Montebello, for instance, where the median home price falls 181% higher than the national average, and monthly rent rates are 52.1% higher than usual. Additionally, median income levels contribute to the equation, with Montebello flaunting a median household income of $62,781, 13.5% higher than the national norm.

What Factors can Influence the Cost of Living in Montebello?

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Montebello comes in at 12.4% higher 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.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Montebello, the transportation index stands at 24.3% higher than the national average.

Where is the Data From?

The Montebello 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.