Cost of Living in Bloomington, CA

An Overview of Cost of Living in Bloomington, CA

Are you thinking about relocating, but curious about the potential cost of living in Bloomington? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Bloomington stands at 125, making it 25% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

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

Housing costs are a major factor in the Bloomington 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 57.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as 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 Bloomington, you can expect to pay 12% more than average for these items, making it a more expensive place to live.

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, Bloomington does not fare better, with grocery expenses coming in at 13.1% higher than the national average.

Is Bloomington Affordable?

Wondering if Bloomington 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 Bloomington, for example, the median home price is 67.9% higher than what folks pay nationally, and monthly rent is 32.8% higher than the usual rates. Plus, income levels matter too, with Bloomington boasting a median household income of $62,690, which is 13.3% higher than the national average.

What Factors can Influence the Cost of Living in Bloomington?

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 Bloomington, the transportation index stands at 23.9% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Bloomington, is 57.4% higher than the national average.

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

Where is the Data From?

The Bloomington 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.