Cost of Living in Culver City, CA

An Overview of Cost of Living in Culver City, CA

Getting a feel for the cost of living in Culver City is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Culver City is 205, which is 105% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If you value affordability in your search for a new place to live, Culver City may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Culver City falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a very significant part of the Culver City cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 314.5% more than the average city. This includes things like home and rent prices, 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 Culver City, you can expect to pay 16.2% more than average for these items, making it a more expensive place to live.

The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Culver City, the news isn't any better as grocery prices are 12.2% higher than the national average.

What Do Locals Say About the Cost of Living in Culver City?

Nobody knows their city better than the people who actually live there. So, we asked 13 local residents how they would rate the cost of living in Culver City and this is how they responded. 15% of people said that the cost of living was affordable, with prices decreasing, while 85% of people said that the cost of living was very expensive and prices continue to rise.

Is Culver City Affordable?

Is Culver City 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 Culver City is 398.6% higher than the national average, while the average monthly rent prices are 118.2% higher than average. The affordability of any location can also be influenced by median income levels. Culver City has a median household income of $97,540, which is 76.3% higher than the national average.

What Factors can Influence the Cost of Living in Culver City?

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Culver City, the groceries index is 12.2% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Culver City, the utilities index stands at 12.4% higher than the national average.

Where is the Data From?

The cost of living data in Culver City displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.