Cost of Living in Placerville, CA

An Overview of Cost of Living in Placerville, CA

Understanding the cost of living in Placerville can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Placerville cost of living index is 131, which is 31% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Placerville is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Placerville falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a major factor in the Placerville 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 74.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Placerville Affordable?

Is Placerville an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Placerville, the median home price is 97.8% higher than what most folks pay across the country, and monthly rent prices are 21% higher than the usual rates. Income levels in Placerville come in at $60,334, which is 9.1% higher than the national average.

What Factors can Influence the Cost of Living in Placerville?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower 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 Placerville, the groceries index is 8.2% higher than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Placerville, the utilities index registers at 14% higher than the national average.

Where is the Data From?

The Placerville 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.