Cost of Living in Golden Hills, CA

An Overview of Cost of Living in Golden Hills, CA

Getting a feel for the cost of living in Golden Hills 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 Golden Hills is 123, which is 23% 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're in pursuit of an economical living environment, Golden Hills 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, Golden Hills falls within this bracket.

Housing costs are a very significant part of the Golden Hills 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 40.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Golden Hills Affordable?

Wondering if Golden Hills 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 Golden Hills, for example, the median home price is 55.6% higher than what folks pay nationally, and monthly rent is 4.2% higher than the usual rates. Plus, income levels matter too, with Golden Hills boasting a median household income of $77,586, which is 40.2% higher than the national average.

What Factors can Influence the Cost of Living in Golden Hills?

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 Golden Hills comes in at 56.6% higher than the national average.

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 Golden Hills, healthcare costs are 6.6% lower than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Golden Hills, the prevailing sales tax rate starts at 7.25%, and income tax rates kick off at 1%.

Where is the Data From?

The cost of living data in Golden Hills 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.