Vermont: Best Affordable Places to Live
Best Affordable Places to Live in Vermont in 2025
By Pam O’Brien
(Last Updated – 03/2025)
If you’re looking to move to a place with a relaxed lifestyle and a deep sense of community that has lush forests, abundant mountains, and rolling farmlands, you may want to put Vermont at the top of your list.
With a population of less than 650,000 (the second lowest in the U.S. after Wyoming) spread out over its 9,600 square miles, the Green Mountain State offers families, young adults, and retirees a feeling of wide open space. There are no big cities here. Burlington, the largest city in Vermont, has less than 45,000 people. And while the state is not exactly inexpensive, it is more affordable than some other nearby states and there are some housing bargains to be found.
The glorious great outdoors is the focus in Vermont, and residents tend to spend their time hiking, biking, skiing, and snowshoeing, among other things. Lake Champlain borders the northwestern part of the state, and it’s a draw for those who enjoy swimming, kayaking, and fishing in the summer. Winters are snowy, cold, and long (the first frost typically happens in September), so a love of winter sports and cozying up by the fire certainly comes in handy.
Best Places to Live in Vermont
Living in Vermont gives residents the opportunity to enjoy such diverse experiences as skiing in the Green Mountains, relaxing on the beaches of Lake Champlain, perusing flea markets in one of the many charming small towns, and taking part in the state’s dynamic food and craft beer scene.
But there are costs to be aware of. The cost of living in Vermont is above the national average, although it’s less than some neighboring states. However, prospective residents should know that Vermont has some of the highest property tax rates in the country, which should be factored in when budgeting.
Those who are considering moving to Vermont may want to explore the cost of living by state for other locations in New England, to see where they can get the most for their money. For those who decide Vermont is the best option for them, this guide pinpoints some of the best areas in the state to consider.
💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.
Best Affordable Places to Live in Vermont
These three towns in Vermont offer affordability along with picturesque scenery, plenty of activities for year-round fun, and a friendly vibe. Find out more about the most affordable places to live in Vermont.
1. Northfield
Photo credit: iStock/ErikaMitchell
Nestled in a valley in the Green Mountains, the charming town of Northfield has plenty to offer residents, including stores, restaurants, cafes, and art galleries. Those who enjoy outdoor adventures can spend their free time hiking, biking, and fishing at the Northfield Town Forest in the spring, summer, and fall, and skiing, snowshoeing, and snowmobiling in the winter. Plus, there are job opportunities at Norwich University, the town’s largest employer.
Population: 5,935
Median Household Income: $63,909
Cost of Living: 98.9% of U.S. average
Average Rent Price: $900
Home Price-to-Income Ratio: 4.64
Recommended: Mortgage Preapproval Process
2. Waterbury
Photo credit: iStock/Wirestock
Quaint and picturesque, Waterbury, which is just 10 miles from the ski resort town of Stowe, has spectacular views of mountain peaks and rolling hills. It’s a vibrant town, filled with shops, breweries, and restaurants for farm-to-table dining. On weekends, you can browse at the Waterbury Flea Market, Vermont’s largest outdoor flea market. Ice cream lovers will appreciate the Ben & Jerry’s factory here, where they can learn how ice cream is made. And, of course, there is plenty of hiking, fishing, skiing, and snowshoeing in the nearby state parks.
Population: 5,458
Median Household Income: $109,022
Cost of Living: 98.9% of U.S. average
Average Rent Price: $1,500
Home Price-to-Income Ratio: 2.34
3. Montpelier
Photo credit: iStock/halbergman
The capital city of Vermont, Montpelier has the distinction of being the smallest state capital in the U.S. Located in the Green Mountains at a spot where three rivers converge, the city is a draw for nature lovers. There’s skiing and ice skating in the winter, and kayaking and canoeing in the spring and summer. You can also hike in one of the many parks or go mountain biking on the area’s extensive trail network. The town itself is as active as its residents. There are community events and festivals on weekends, along with a multitude of restaurants, cafes, breweries, and boutique shops to enjoy. If you’re thinking of moving here, check out first-time homebuyer programs in Vermont, which include state and federal assistance programs.
Population: 7,991
Median Household Income: $79,175
Cost of Living: 103% of U.S. average
Average Rent Price: $2,100
Home Price-to-Income Ratio: 4.99
Best Places to Live in Vermont for Families
Families will find a lot to like about Vermont. The state boasts a strong sense of community, wide open places for kids to play, and numerous events to keep the whole family entertained. Here are some of the best places to live in Vermont for families.
1. Williston
Photo credit: iStock/halbergman
Located just a half hour from Burlington, Williston is a bustling town where there is always something to do. Recreation programs for the kids, including soccer and track and field, are offered year round, and the Catamount Family Center has hiking in the summer and cross country skiing in the winter for your entire clan. There are numerous shops and restaurants here, along with community events such as parades, a town barbecue, and summer movie nights. Parents are drawn to the area’s good schools. If you are as well, tips to qualify for a mortgage may be useful as you begin your search for a home.
Population: 10,092
Median Household Income: $105,490
Cost of Living: 108% of U.S. average
Average Rent Price: $2,450
Home Price-to-Income Ratio: 5.39
Recommended: Mortgage Prequalification vs Preapproval
2. Essex Junction
Photo credit: Flickr/Dougtone , Creative Commons Attribution-ShareAlike 2.0 Generic
With small town charm and plenty of community spirit, this thriving area near Burlington is known for being family friendly. There are concerts and events for family entertainment plus a community pool, hiking, biking, pickleball, and skiing. The downtown is filled with shops, restaurants, and local businesses. Parents like the area’s top-rated schools, and the fact that so many families live here means there are many opportunities for play dates. Essex Junction also has public transportation via the Green Mountain Transit system. However, you may pay for these amenities: The everyday cost of living may be higher than in some other Vermont towns.
Population: 10,817
Median Household Income: $94,423
Cost of Living: 124% of U.S. average
Average Rent Price: $1,995
Home Price-to-Income Ratio: 5.25
3. South Burlington
Perched on the shores of Lake Champlain, South Burlington offers beautiful vistas, more than 400 acres of parks, and 26 miles of trails for walking, hiking, and biking. The area’s excellent public schools are a draw for parents, as are the many employers in town, including start-ups and small businesses. South Burlington has plenty to keep the entire family entertained, with numerous restaurants and stores and University Mall, the largest mall in Vermont.
Population: 21,043
Median Household Income: $97,229
Cost of Living: 117% of U.S. average
Average Rent Price: $2,400
Home Price-to-Income Ratio: 4.80
💡 Quick Tip: A major home purchase may mean a jumbo loan, but it doesn’t have to mean a jumbo down payment. Apply for a jumbo mortgage with SoFi, and you could put as little as 10% down.
Best Places to Live in Vermont for Young Adults
Vermont has a number of cities suitable for young professionals with job prospects, entertainment options, and reasonable affordability. These are the best places to live in Vermont for young adults.
1. Montpelier
Photo credit: iStock/halbergman
Vermont’s capital city is a dynamic place, and it’s no wonder many young adults tend to settle here. Along with glorious mountain scenery and outdoor activities like kayaking, swimming, and hiking, there are restaurants, cafes, and breweries for entertainment. The resort town of Stowe is just a 30-minute drive away for world-class skiing in the winter, and for those who crave the occasional big-city adventure, Montreal is two hours by car. Job opportunities in Montpelier include working for the state government or one of the area’s many businesses, including Central Vermont Medical Center and Cabot Creamery.
Want to get up to speed before house-hunting? A home loan help center could be useful as you determine your best options for financing.
Population: 7,991
Median Household Income: $79,175
Cost of Living: 103% of U.S. average
Average Rent Price: $2,100
Home Price-to-Income Ratio: 4.99
Recommended: Should You Buy or Rent a Home?
2. Colchester
Photo credit: Flickr/djwtwo , Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic
Filled with hiking trails and parks, Colchester is a great option for young professionals who are outdoor enthusiasts. There are many hikers, bikers, and runners here, and chances are, you’ll meet some fellow athletes as you log your miles. According to residents, this is a friendly place where people love to stop and talk. Employers in the area include Vermont Public Radio, Green Mountain Power, and several tech firms. There are plenty of restaurants, art galleries, shops, and even a drive-in movie theater to keep you entertained when you’re not working or exploring nature.
Population: 17,588
Median Household Income: $97,708
Cost of Living: 115% of U.S. average
Median Rent Price: $2,350
Home Price-to-Income Ratio: 4.82
3. South Burlington
Young adults can enjoy a fun and active lifestyle in this vibrant town on the banks of Lake Champlain. South Burlington has numerous stores and a mall, plus restaurants, bars, and breweries for socializing. Nature lovers will enjoy hiking, biking, and kayaking on the lake. And there are work opportunities in a variety of businesses in the area.
Population: 21,043
Median Household Income: $97,229
Cost of Living: 117% of U.S. average
Average Rent Price: $2,400
Home Price-to-Income Ratio: 4.80
Best Places to Live in Vermont for Retirees
With its beautiful scenery, community spirit, and relaxing lifestyle, Vermont may appeal to many seniors. As long as retirees can tolerate the long, cold winters, the state can offer distinct advantages, including a good health care system and an above-average quality of life. These are some of the best places to live in Vermont for retirees.
1. Randolph
Photo credit: Flickr/Dougtone , Creative Commons Attribution-ShareAlike 2.0 Generic
Not only is it the most affordable town on our list, Randolph is also a desirable location for those ready to retire. There’s history and culture here, including the Chandler Center for the Arts for performances, exhibits, and educational programs that seniors can enjoy. The town has many restaurants and farmers markets, and there are art galleries for browsing. Other perks: The Randolph Senior Center offers a variety of workshops and programs, there are a number of senior living communities in the area, and Central Vermont Medical Center is less than a half hour away.
Population: 2,010
Median Household Income: $58,333
Cost of Living: 105% of U.S. average
Average Rent Price: $600
Home Price-to-Income Ratio: 5.46
2. Vergennes
Photo credit: iStock/DutcherAerials
Vermont’s first city, Vergennes, which is only two square miles in size, also calls itself America’s smallest city. But while its acreage may be tiny, its offerings for retirees are expansive. For arts and culture buffs, the town has a historic opera house that hosts musical and theatrical performances, and a beautiful library with a stained glass domed ceiling. Summer concerts and festivals fill the lovely park in the center of downtown. There are restaurants to grab a bite with friends, and eclectic shops to explore. Plenty of outdoor adventures also await, including canoeing and kayaking on the creek that runs through town, as well as hiking and biking.
Population: 2,561
Median Household Income: $72,171
Cost of Living: 110% of U.S. average
Average Rent Price: $1,850
Home Price-to-Income Ratio: 5.03
3. Bristol
Photo credit: iStock/morgainbailey
This dynamic little town offers breathtaking views from its location at the foot of the Green Mountains. There is a sizable senior population here who enjoy the fact that Bristol is pedestrian-friendly, with shops, bookstores, and arts and crafts boutiques for browsing, as well as restaurants and coffee places for meeting up with your peers. The sense of community runs deep — there’s a summer music festival and street fair and weekly band concerts on the town green. The city of Burlington is just 30 miles away for more arts and culture and access to the University of Vermont Medical Center.
Population: 1,956
Median Household Income: $65,536
Cost of Living: 113% of U.S. average
Average Rent Price: $2,200
Home Price-to-Income Ratio: 6.2
Best Places to Live in Vermont Near the Water
Vermont has more than 800 lakes, more than 7,000 miles of rivers, and many ponds and streams. Those hoping to live on the water here have plenty of choices throughout the state.
These are some of the best places to live in Vermont near the water.
1. Montpelier
Photo credit: iStock/halbergman
Vermont’s capital city sits where three rivers come together, making it a good place for those looking for waterfront property. Even if you don’t purchase a house right on the water, you’ll still have easy access to it for fishing, kayaking, and canoeing. After a day of watersports, you can head into town to visit one of the many restaurants, cafes, or breweries, or enjoy one of the festivals or parades.
Population: 7,991
Median Household Income: $79,175
Cost of Living: 103% of U.S. average
Average Rent Price: $2,100
Home Price-to-Income Ratio: 4.99
2. Colchester
Photo credit: Flickr/djwtwo , Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic
This lovely town is a nature lover’s paradise. It’s surrounded by water on three sides — the Winooski River, the Lamoille River, and Lake Champlain — and you can enjoy boating, fishing, swimming, or relaxing on the beach. There are also parks with trails for hiking, biking, and running. In the evenings, have dinner at one of the town’s many restaurants, or catch a movie at the drive-in, which is one of the largest in Vermont.
Population: 17,588
Median Household Income: $97,708
Cost of Living: 115% of U.S. average
Average Rent Price: $2,350
Home Price-to-Income Ratio: 4.82
3. South Burlington
If you’re searching for a location near Lake Champlain that won’t cost a fortune, South Burlington may have what you’re looking for. A dynamic town that offers plenty of entertainment options, including restaurants, bars, breweries, and a mall, its lakeside location means you can swim, fish, or boat all summer and into the fall. There are also trails for lakeside runs or walks, and you can enjoy the scenic water views and calming vibes year-round.
Population: 21,043
Median Household Income: $97,229
Cost of Living: 117% of U.S. average
Average Rent Price: $2,400
Home Price-to-Income Ratio: 4.80
The Takeaway
Vermont is not an inexpensive place to live, but it is less costly than other places in New England. And it has much to offer, especially for those who are active and love the outdoors. From charming small towns in the mountains to vibrant communities near Lake Champlain, there are affordable options to be found in the Green Mountain State for families, young adults, and retirees.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
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FAQ
Is Vermont a good place to live?
It depends what you’re looking for, but Vermont can be a good place to live. The state has a lot to offer, especially for those who love the outdoors and can take advantage of its mountains, lakes, and rivers.
What is the most affordable place to live in Vermont?
The most affordable places in Vermont include small towns in the Green Mountains like Randolph, Northfield, and Waterbury.
What is the best area of Vermont to live in?
The best area of Vermont to live in depends on what you’re looking for. Those who want to live near the water may be drawn to towns near Lake Champlain. Those who enjoy skiing may want to be closer to a resort town such as Killington or Stowe.
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Cost of Living in Colorado
Cost of Living in Colorado
(Last Updated – 03/2025)
If you love to hit the slopes, you’ll love living in Colorado. Maybe the access to so much nature and so many outdoor activities is why Colorado is the state ranked ninth for overall health, according to U.S. News & World Report.
To better understand if living in the Centennial State is the right fit for you, keep reading to learn more about the cost of living in Colorado.
What’s the Average Cost of Living in Colorado?
Average Cost of Living in Colorado: $63,781 per year
Take a closer look at your budget before you decide to move to Colorado. MERIC data gathered in 2024 found that Colorado tied with Idaho and Puerto Rico for the 32nd best cost-of-living in the country. The neighboring state of Nebraska (No. 18) would be a better fit for those looking to save on living expenses. Kansas (No. 3) is an even bigger bargain. What does the Colorado cost of living look like? According to data from the Bureau of Economic Analysis, the average total personal consumption cost in Colorado is $63,781 per year. This is what the average spending looks like across a variety of categories.
|
Category |
Average Annual Per-Capita Cost in Colorado |
|
Housing and Utilities |
$12,600 |
|
Health Care |
$8,415 |
|
Food and Beverages (nonrestaurant) |
$4,922 |
|
Gasoline and Energy Goods |
$1,383 |
|
All Other Personal Expenditures |
$36,462 |
Housing Costs in Colorado
Average Housing Costs in Colorado: $1,496 to $2,732 per month
Colorado is home to more than 2.6 million housing units, which means you’ll have plenty of options. The big question is, can you afford rent or a mortgage in Colorado? Zillow reported Colorado’s typical home price as $543,106 in December 2024.
How much you’ll pay for housing will depend on if you’re renting or buying and how large your rental is. Here’s what those prices look like according to census data:
• Median monthly mortgage cost: $2,231
• Median studio rent: $1,496
• Median one-bedroom rent: $1,546
• Median two-bedroom rent: $1,810
• Median three-bedroom rent: $2,083
• Median four-bedroom rent: $2,305
• Median five-bedroom (or more) rent: $2,732
• Median gross rent: $1,771
Recommended: Denver Housing Market: Trends & Prices
Because prices can vary so much throughout the state, take a look at the typical home price in some of Colorado’s major cities, sourced from Zillow in December 2024:
|
Colorado City |
Typical Home Price |
|
Denver |
$578,381 |
|
Colorado Springs |
$454,606 |
|
Fort Collins |
$550,481 |
|
Greeley |
$497,199 |
|
Boulder |
$728,257 |
|
Pueblo |
$284,051 |
|
Grand Junction |
$406,092 |
|
Glenwood Springs |
$913,075 |
|
Durango |
$656,343 |
|
Edwards |
$1,333,925 |
|
Montrose |
$465,443 |
|
Cañon City |
$333,850 |
|
Breckenridge |
$960,807 |
|
Fort Morgan |
$337,997 |
|
Steamboat Springs |
$1,096,318 |
|
Sterling |
$245,944 |
|
Craig |
$284,107 |
Utility Costs in Colorado
Average Utility Costs in Colorado: $296 per month
It can get bone-chilling in Colorado, so you need to budget enough to keep the heat pumping in the winter. Here’s what the average utility spending looks like.
|
Utility |
Average Colorado Bill |
|
Electricity |
$95 |
|
Natural Gas |
$47 |
|
Cable & Internet |
$110 |
|
Water |
$44 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, Average monthly residential utility costs in the United States, by state; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Colorado: $410 per person, per month
We all need to eat, so it’s fair to wonder how much you should expect to spend on food in Colorado.
The Bureau of Economic Analysis estimates Colorado’s average annual nonrestaurant food cost per person to be $4,922, or about $410 per month. For a family of four, the grocery bill could be about $1,641 per month.
Where you live will play a role in how much you spend on food. The Council for Community and Economic Research ranks food costs in major cities. These are the rankings for grocery costs for 2024.
|
Colorado City |
Grocery Items Index |
|
Denver |
101.3 |
|
Colorado Springs |
101.9 |
|
Pueblo |
98.3 |
|
Grand Junction |
101.4 |
Transportation
Average Transportation Costs in Colorado: $9,550 to $17,771 per year
Daily commutes, weekend ski trips with the family, and getting from place to place all cost money. How much you’ll spend on transportation in Colorado depends greatly on how many working adults are in your family and how many children you have.
This basic breakdown from MIT’s Living Wage Calculator data as of February 2025 gives you an idea of what you might spend on transportation.
|
Family Makeup |
Average Annual Transportation Cost |
|
One adult, no children |
$9,550 |
|
Two working adults, no children |
$11,053 |
|
Two working adults, three children |
$17,771 |
Health Care
Average Health Care Costs in Colorado: $8,415 per person, per year
Colorado residents spend an average of $8,415 a year on health care, according to the Bureau of Economic Analysis Personal Consumption Expenditures by State report.
Of course that average can vary, depending on individuals’ coverage and needs.
Child Care
Average Child Care Costs in Colorado: $1,000 to $1,446 or more per child, per month
Child care can really eat up your budget, no matter where you live. The Colorado Child Care Assistance Program helps families who need child care so they can work, search for employment, or go through employment training in order to become self-sufficient.
These are the average child care costs you can expect to encounter in Texas, according to data from costofchildcare.org .
|
Type of Child Care |
Average Cost Per Month, Per Child |
|
Infant Classroom |
$1,446 |
|
Toddler Classroom |
$1,191 |
|
Preschooler Classroom |
$1,000 |
|
Home-Based Family Child Care |
$1,190 |
Taxes
Tax Rate in Colorado: 4.40%
No matter what state we live in, we all follow the same format when it comes to federal income taxes. However, states have different state income tax rates (if any) and varying ways of calculating how much is owed.
In Colorado, calculating how much you owe is simple, as Colorado has a flat income tax of 4.40%, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025. Utah, a neighbor, also has a flat income tax rate: 4.55% as of 2025.
Miscellaneous Costs
If, as the Bureau of Economic Analysis estimates, other personal consumption expenditures (outside of the necessities like housing, transportation, and health care) total $36,462 a year, this is where some of that spending may be going (costs are accurate as of February 2025):
• If you want to practice rock climbing safely indoors before heading outside, check out the Boulder Rock Club, a popular local rock climbing gym: $28 for your first visit or $91 monthly membership for adults
• The Glenwood Caverns Adventure Park in Glenwood Springs offers a wide variety of family fun: $35 for a gondola ride to the top of the mountain ($30 online); $55 for a gondola ride and cave tours ($50 online).
• For a fun and educational family day in Denver, stop by the Denver Museum of Nature and Science: Youth tickets (ages 3-18) are $20.95, adult tickets are $25.95, and senior tickets are $22.95.
• Or catch a live concert at Red Rocks Park and Amphitheatre in Morrison, Colorado. This unique outdoor venue opened in 1941 and has been designated a National Historic Landmark. Admission is free to the 738 acre park for visitors from sunrise to sunset (on nonevent days). You can also grab a ticket to a concert (starting around $40, depending on the artist), to sunrise yoga ($19), or even to a movie ($20) “on the rocks.
How Much Money Do You Need to Live Comfortably in Colorado?
How obtainable it is to live comfortably in a specific state will depend greatly on your family size and other factors. That said, don’t expect to get off easy in Colorado.
Colorado rose slightly to the 41st spot in the 2024 U.S. News & World Report’s Affordability Rankings, which compare the average cost of living in each state with the average household income. Colorado fared much better in the previously mentioned MERIC study, where the state ranked 32nd.
What City Has the Lowest Cost of Living in Colorado?
Looking for an affordable place to live in Colorado? Take some time getting to know the two major cities with lower cost of living from the Council for Community and Economic Research’s Cost of Living Index for 2024.
Pueblo
The most affordable major city in Colorado is Pueblo, with a cost-of-living index of just 92.7. Enjoy strolls on the stunning Riverwalk, and take a break to enjoy one of the many local cafes or breweries.
Colorado Springs
With a cost-of-living index of 101.9, Colorado Springs is the third most affordable major city in Colorado. This city is a nature lover’s dream, and there is no shortage of hiking opportunities to help you blow off steam after work, perhaps at the nearby Peterson Space Force Base. On the weekends, enjoy some family time at the local zoo, museums, and parks. Colorado Springs is home to more than 60 attractions, so there’s no shortage of fun to be had!
Recommended: Colorado Springs Housing Market: Trends & Prices
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Nature lovers will appreciate all the hiking, skiing, rafting, and biking Colorado affords. The cost of living in Colorado may be relatively steep, but it’s easy to see why you might want to move there and enjoy all that fresh mountain air.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Photo credit: iStock/miroslav_1
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
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CK SoFi Everyday Cash Rewards Credit Card
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Plus, get 0% Intro APR for 15 months2 and $200 when you spend $1,000 in 90 days.3
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Cost of Living in California
Cost of Living in California
(Last Updated – 03/2025)
Lots of people are California dreamin’, but the reality is that the most populous U.S. state is one of the most expensive.
While thinking of wealth, muse on health. If you’re committed to a healthy lifestyle, you’ll be in good company in California.
Innerbody Research found that the Golden State has the healthiest population in the country. All of those sunny days — 258 of them a year — must be keeping everyone fit and happy.
If you’re tempted to move to this sprawling state, keep reading to learn what the California cost of living looks like. Don’t forget to pack your sunglasses.
What’s the Average Cost of Living in California?
Average Cost of Living in California: $64,835 per year
If you have California beaches on your mind, make sure you take a close look at your monthly budget.
California is the fourth most expensive state in the country, according to MERIC data. The only U.S. places that cost more are Hawaii, Washington, D.C., and Massachusetts. What is the cost of living in California? According to 2024 data from the Bureau of Economic Analysis, the annual average cost of living in California is $64,835. Based on that number, it would cost $5,403 per month to live in California. Here is how that breaks down by major spending categories.
|
Category |
Average Annual Per-Capita Cost in California |
|
Housing and Utilities |
$12,188 |
|
Health Care |
$10,373 |
|
Food and Beverages (nonrestaurant) |
$4,708 |
|
Gasoline and Energy Goods |
$1,320 |
|
All Other Personal Expenditures |
$36,245 |
Housing Costs in California
Average Housing Costs in California: $1,599 to $3,082 per month
You’re going to be hard pressed to rent or buy a place for less than $1,000 a month in California, despite the fact that the state has over 14.7 million housing units. Zillow put the median sale price of California homes at $773,263 in December 2024, compared with a U.S. median existing-home sale price of $355,328 in January 2025.
Here’s what housing costs look like on a monthly basis, according to data from the U.S. Census Bureau:
• Median monthly mortgage cost: $2,865
• Median studio rent: $1,599
• Median one-bedroom rent: $1,742
• Median two-bedroom rent: $2,062
• Median three-bedroom rent: $2,304
• Median four-bedroom rent: $2,790
• Median five-bedroom (or more) rent: $3,082
• Median gross rent: $1,992
Home prices can vary greatly throughout this state. These are the typical home prices in 20 major California cities, according to Zillow, in December 2024.
|
California City |
Typical Home Price |
|
Los Angeles(LA Housing Market Trends) |
$949,787 |
|
San Francisco(SF Housing Market Trends) |
$1,133,023 |
|
Riverside |
$582,674 |
|
San Diego(SD Housing Market Trends) |
$935,237 |
|
Sacramento(Sacramento Housing Market Trends) |
$574,156 |
|
San Jose(San Jose Housing Market Trends) |
$1,587,073 |
|
Fresno |
$397,168 |
|
Bakersfield |
$355,699 |
|
Oxnard |
$867,649 |
|
Stockton |
$537,036 |
|
Modesto |
$463,860 |
|
Santa Rosa |
$793,794 |
|
Visalia |
$347,172 |
|
Vallejo |
583,542 |
|
Santa Maria |
$967,801 |
|
Salinas |
$832,770 |
|
San Luis Obispo |
$884,681 |
|
Merced |
$411,638 |
|
Santa Cruz |
$1,134,675 |
|
Chico |
$389,439 |
Utility Costs in California
Average Utility Costs in California: $390 per month
Utilities can add up fast, especially when you add cable and internet bills.
|
Utility |
Average California Bill |
|
Electricity |
$145 |
|
Natural Gas |
$34 |
|
Cable & Internet |
$117 |
|
Water |
$94 |
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, Average monthly residential utility costs in the United States, by state; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in California: $392 per person, per month
You gotta eat. How much should you plan to spend on food in California?
The Bureau of Economic Analysis estimates that California’s average annual nonrestaurant food cost per person is $4,708. That equates to $392 per person, per month. The average family of four could end up spending $1,568 per month on groceries.
Where you live in California can have an impact on food pricing. The Council for Community and Economic Research, which ranks the food costs in major American cities, shared the cost of groceries in California cities as of 2024, from lowest to highest.
|
California City |
Grocery Items Index |
|
Bakersfield |
102.4 |
|
Redding |
105.7 |
|
Sacramento |
106.9 |
|
Los Angeles |
109.3 |
|
Orange County |
109.9 |
|
San Diego |
111.1 |
|
San Jose |
115.0 |
|
Oakland |
117.2 |
|
San Francisco |
123.6 |
Transportation
Average Transportation Costs in California: $10,607 to $19,738 per year
From San Diego all the way up to Sacramento, California is notorious for its bad traffic, so prepare to spend a lot of time in the car. How much will all that commuting time cost you?
How many children you have and how many working adults are in your family can all affect how much transportation will cost you in California. The following results from MIT’s Living Wage Calculator, with data from 2024, can give you a general idea of what to expect cost-wise.
|
Family Makeup |
Average Annual Transportation Cost |
|
One adult, no children |
$10,607 |
|
Two working adults, no children |
$12,276 |
|
Two working adults, three children |
$19,738 |
Health Care
Average Health Care Costs in California: $10,373 per person, per year
According to the Bureau of Economic Analysis Personal Consumption Expenditures by State report, the average annual cost of health care per Californian is $10,373.
Of course, your specific health care needs and your coverage also play a large role in how much health care will cost you each year.
Child Care
Average Child-Care Costs in California: $990 to $1,785 or more per child, per month
It’s no secret that child care is one of the larger monthly expenses. In the state of California, what you can expect to spend depends on the age of your child and if you choose to have home-based family care or not.
Good to know: By the 2025-26 school year, the state plans free universal pre-K for all 4-year-olds.
These are the average child care costs you can expect in California, per data from costofchildcare.org.
|
Type of Child Care |
Average Cost Per Month, Per Child |
|
Infant Classroom |
$1,785 |
|
Toddler Classroom |
$1,388 |
|
Preschooler Classroom |
$990 |
|
Home-Based Family Child Care |
$1,269 |
Taxes
Highest Marginal Tax Rate in California: 13.3%
California residents are used to paying a hefty tax bill. State income taxes can go as high as 13.3% for those at the top of the graduated-rate income scale.
That is the highest state income tax rate in the country, as noted by the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025. Of course, most earners still need to pay federal income taxes.
If you’re looking for somewhere to live that doesn’t charge any state income tax, consider Florida, Tennessee, Texas, South Dakota, Wyoming, Nevada, Washington, or Alaska.
Miscellaneous Costs
It’s obviously important to have an understanding of what the essentials (food, rent, utilities, etc.) will cost you, but we don’t just purchase essentials. What would the fun in that be?
The Bureau of Economic Analysis estimates that additional personal expenditures per Californian come out to $36,245 per year.
Let’s take a closer look at what you might spend some of that money on (costs are as of February 2025):
• Tickets for one day at Disneyland: $103 or more for adults, depending on day and ticket type
• Annual family membership for the Monterey Bay Aquarium: $295
• A day at the beach: Starting at $0 at beaches with free parking
• A world famous Pink’s Hot Dog in Los Angeles: $7.50 for one chili cheese dog with mustard and onions
Recommended: What Are the Average Monthly Expenses for One Person?
How Much Money Do You Need to Live Comfortably in California?
What it means to live “comfortably” is hard to nail down, and your definition will depend on your personal standards. Keeping that in mind, when it comes to living in California comfortably, U.S. News & World Report’s Affordability Rankings, place the Golden State as the least-affordable state. Ouch.
It turns out that having beautiful weather almost every day of the year comes at a price. MERIC also listed California as one of the most expensive states to live in, so take a close look at your budget before moving to California and choose your housing accordingly.
What Cities Have Low Cost of Living in California?
To help you find one of the more affordable areas to live in California, we’ve reviewed the Council for Community and Economic Research’s Cost of Living Index for 2024 to find three cities where cost of living is least likely to break the bank.
Bakersfield
With a cost-of-living index of 111.7, you’re most likely to find relative affordability in Bakersfield. Nature lovers will appreciate having close proximity to whitewater rafting and the aquatic center, as well as the ability to join local hiking clubs. Zillow reported a median home sale price of $389,732 in early 2025.
Redding
Known as the “trails capital of California,” Redding is an outdoorsy person’s dream, with a sea of green, leafy trees in spring and summer (and beautiful fall colors in autumn). As the second-most-affordable city in California, Redding comes in just after the leader with a score of 110.5. According to Zillow, the median sale price for a home in Redding is $383,801 as of early 2025.
Sacramento
Just south of Redding is Sacramento. It’s the third-most-affordable city in California, with a cost-of-living index of 128.8. If you’re looking for a big-city feel without a big-city price, Sacramento may be the place for you. With more than 1.5 million residents in Sacramento County as of 2021, you’re sure to make a new friend or two. There are also more than 30,000 employer establishments here for when you’re ready to look for a new job. Zillow showed a median home sale price of $476,699 in early 2025.
Helpful Resources for Future California Residents
SoFi Home Loans
From beaches to deserts to mountains, California has it all. Because the Golden State has so much to offer, the cost of living in California is relatively high. Still, you may be wooed by the West Coast to put down roots.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
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Week Ahead on Wall Street: Tariff Threats
Trading Blows
The spotlight falls squarely on tariffs this week, as trade policy developments have increasingly dominated market narratives over the past month.
Initially, the Trump administration had announced that tariffs on imports from Mexico (25%), Canada (10% for energy, 25% for non-energy), and China (10%) would go into effect at the start of February. The duties on Chinese imports went into effect but, after negotiations, the tariffs on the United States’ neighbors were delayed for a month.
Last week, President Trump stated that not only will the delayed tariffs on Mexico and Canada kick in on March 4, but that Chinese goods will also be subject to an additional 10% duty. Over 40% of U.S. imports come from those three countries, so a wide range of goods could become more expensive in a jiffy (assuming that implementation of the tariffs isn’t delayed at the eleventh hour).
On top of potentially stoking further inflation, the tariff storyline has put growth fears at the forefront for investors. Of course, international trade is complicated – the U.S. dollar could appreciate, offsetting some of the impact – but, all else equal, the March tariffs could pull GDP growth downward by more than a full percentage point.
That’s all quite abstract. Here’s a plausible scenario for how things could actually play out:
1. Tariffs push prices higher, so consumers and businesses reduce spending;
2. Lower revenue and/or higher costs result in lower profits;
3. Some firms absorb lower profit margins, while others are forced to cut costs (which could lead to layoffs, less investment, etc.);
4. Consumer and business confidence decline;
5. Growth declines further.
Declining growth and negative sentiment can create a negative feedback loop, but that often plays out over quarters, not days or weeks. That makes it hard for investors to fully integrate the impacts of policy decisions – especially when developments occur as fast as they are right now. Markets reacted swiftly to last month’s tariff announcement, but they’ve been less jumpy this time; perhaps investors view the administration as the “boy who cried wolf.” That suggests that this week might be a volatile one if the tariffs actually go into effect. Time will tell. It’s possible that by the time you’re reading this, another delay will have already been announced.
Economic and Earnings Calendar
Monday
• January Construction Spending: Construction data is a leading indicator of business activity.
• February ISM Manufacturing PMI: This index from the Institute for Supply Management tracks how purchasing managers across the manufacturing sector feel about the business environment.
• February Wards Total Vehicle Sales: Cars are a big ticket item for consumers, so underlying vehicle sales trends can help shine a light on demand for durable goods.
• Fedspeak: St. Louis Fed President Alberto Musalem will give a keynote speech on the economy and monetary policy.
Tuesday
• Fedspeak: New York Fed President will be interviewed at the Bloomberg Invest Forum. Richmond Fed President Tom Barkin will repeat a speech from last week called Inflation Then and Now.
• Earnings: AutoZone (AZO), Best Buy Co (BBY), CrowdStrike (CRWD), Ross Stores (ROST), Target (TGT)
Wednesday
• February ADP Employment Report: This survey, usually released a day or two before the official government jobs report, offers insight into private sector employment trends.
• February S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.
• January Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.
• February ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.
• Fed Beige Book: This report is released eight times per year and tracks the state of the economy based on qualitative information.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Earnings: Brown-Forman (BFB), Campbell Soup (CPB)
Thursday
• February Challenger Job Cuts: The firm Challenger, Gray & Christmas tracks the number of layoff announcements each month by sector.
• January Trade Balance: Trade, made up of exports and imports, is an important driver of economic activity.
• 4Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.
• January Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.
• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.
• Fedspeak: Atlanta Fed President Raphael Bostic will discuss the economic outlook with The Birmingham Business Journal.
• Earnings: Broadcom (AVGO), Cooper Companies (COO), Costco (COST), Hewlett Packard Enterprise (HPE), Kroger (KR)
Friday
• February Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month.
• January Consumer Credit: Borrowing activity gives insight into broader economic activity.
• Fedspeak: New York Fed President John Williams will participate in a University of Chicago discussion titled Monetary Policy Transmission Post-Covid.
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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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