F
45%
Overall NAT. AVG.
16%
Goods & Services NAT. AVG.
115%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index South El Monte California National
Cost of living145140100
Goods & Services116111100
Groceries112112100
Health care108109100
Housing215196100
Transportation124126100
Utilities112127100

An Overview of Cost of Living in South El Monte, CA

Understanding the cost of living in South El Monte 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 South El Monte cost of living index is 145, which is 45% 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 you value affordability in your search for a new place to live, South El Monte 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, South El Monte 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 South El Monte 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 114.6% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In South El Monte, these items will cost you 16.2% more than what most folks pay, making it a bit more expensive to live here.

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, South El Monte does not fare better, with grocery expenses coming in at 12.2% higher than the national average.

Is South El Monte Affordable?

Is South El Monte 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 South El Monte, for instance, where the median home price falls 145.1% higher than the national average, and monthly rent rates are 43.4% higher than usual. Additionally, median income levels contribute to the equation, with South El Monte flaunting a median household income of $54,208, 2% lower than the national norm.

What Factors can Influence the Cost of Living in South El Monte?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In South El Monte, healthcare costs are 7.9% higher than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in South El Monte starts at 7.25% and the income tax rates start at 1%.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The cost of living data in South El Monte 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.

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Cost Of Living Quick Facts

  • The cost of living in South El Monte is 4% higher than the California average
  • The cost of living in South El Monte is 45% higher than the national average
  • South El Monte housing is 115% higher than the national average
  • California general sales tax is 42% higher than the national average
  • California state income tax is 61% lower than the national average

Most Affordable Places to Live in and Around South El Monte

See all the best places to live around South El Monte

Compare South El Monte, CA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$72,034$6,003$1,681$2,161
      Renters$40,309$3,359$940$1,209
      A good indicator of the general affordability of housing in South El Monte, CA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In South El Monte, the median monthly income is $72,034 for those who own their own homes. Under the standard rule, that income level would allow for $1,681 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $40,309, per the median income in the area. That would allow for renters to spend up to $940 on monthly rental expenses.

      California Sales Tax

      State General Sales Tax With Max Surtax
      California 7.25% 10.5%

      California Income Tax

      State Income Tax (Low) Income Tax (High)
      California 1% 13.3%

      Goods & Services

      Item South El Monte National avg. Difference
      Haircut $24.67$24.261.7%
      Beauty Salon $49.33$45.568.3%
      Toothpaste $3.76$3.701.5%
      Shampoo $1.41$1.289.8%
      Movie $13.46$12.1311.0%
      Bowling $19.07$18.006.0%

      Groceries

      Item South El Monte National avg. Difference
      Ground Beef $6.26$5.847.2%
      Fried Chicken $2.08$1.5732.2%
      Milk $4.76$4.671.9%
      Potatoes $4.94$4.930.2%
      Pizza $16.13$12.0933.5%
      Beer $9.60$10.417.8%

      Health Care

      Item South El Monte National avg. Difference
      Optometrist $129.09$125.682.7%
      Doctor $119.86$135.7811.7%
      Dentist $108.07$113.294.6%
      Ibuprofen $10.36$10.652.7%
      Lipitor $505.41$468.607.9%

      Housing

      Item South El Monte National avg. Difference
      Home Price $452,700.00$184,700.00145.1%
      Avg. Mortgage Payment $2,799.02$2,346.6919.3%
      Apartment Rent $1,361.00$949.0043.4%

      Transportation

      Item South El Monte National avg. Difference
      Gasoline $4.47$3.4629.3%
      Tire Balancing $58.33$59.922.6%

      Utilities

      Item South El Monte National avg. Difference
      All Electricity $326.49$193.9968.3%
      Phone $182.78$192.254.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Vernon, CA24811717.0%
      Willowbrook, CA24,40113333.3%
      Compton, CA95,80413636.2%
      Florence-Graham, CA64,78713736.5%
      Industry, CA26413333.1%
      South El Monte, CA20,79114545.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Ypsilanti, MI20,792963.7%
      Clifton, CO20,783982.4%
      Lebanon, OH20,7811000.2%
      McNair, VA20,77614242.3%
      Mead Valley, CA20,81712121.4%
      South El Monte, CA20,79114545.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.