Cost of Living in Sun Village, CA

An Overview of Cost of Living in Sun Village, CA

Knowing the cost of living in Sun Village allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Sun Village stands at 120, marking it 20% higher than the national average.

The cost of living in Sun Village is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Sun Village falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Sun Village, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 30.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, 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 Sun Village, these items will cost you 16.2% more than what most folks pay, making it a bit more expensive to live here.

Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Sun Village, it's the same story – grocery costs are 12.2% higher than what people pay across the country.

Is Sun Village Affordable?

Is Sun Village 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 Sun Village, for instance, where the median home price falls 30.7% higher than the national average, and monthly rent rates are 30.2% higher than usual. Additionally, median income levels contribute to the equation, with Sun Village flaunting a median household income of $56,202, 1.6% higher than the national norm.

What Factors can Influence the Cost of Living in Sun Village?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Sun Village, the housing index is 30.6% higher than the national average.

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 Sun Village comes in at 12.4% 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 Sun Village, the groceries index is 12.2% higher than the national average.

Where is the Data From?

The Sun Village 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.