San Carlos Families among the Most Financially Stable?
In a recent study conducted by finance website GOBankingRates, San Carlos and several other Bay Area communities were listed among the top 50 cities in the US with financially stable households. The study delved into various economic factors, shedding light on places where families find it easier to manage their budgets and avoid debt.
However, “financially stable” here seems only to refer to the fact that the region has a high percentage of high income earners that can afford the high cost of living in the region. The story makes it seem like the area is affordable for nearly everyone.
One of the key indicators analyzed was income growth over a span of three years, alongside metrics such as the percentage of households earning at least $200,000 and the average expenses for essentials like housing, food, and transportation. Among the cities that made the list, over 40 percent were nestled within the Bay Area.
Housing and Cost of Living in San Carlos
While improvements in household income appear strong, many people living here in the Bay Area are still struggling with the cost of living. The biggest factor is housing.
Even a household with income of $300K will struggle to purchase a home with average home prices above $2M coupled with the higher interest rates. The listed $169,118 income needed for comfort seems a bit anemic too. After taxes you’re probably renting a modest apartment if you plan on eating three meals a day.
Anyway, below are GOBankingRates Stats for San Carlos:
- 2019 Mean Household Income: $239,376
- 2022 Mean Household Income: $298,397
- Monthly Non-Rent Expenditures: $3,389.81
- Average Monthly Rent: $3,656.77
- Income Needed for Comfort: $169,118.09
These numbers paint a picture of a community where household incomes have seen a notable increase over the years, accompanied by manageable expenses. Other cities in the Bay Area that made it to the list are the following:
Los Gatos
- 2019 mean household income: $217,966
- 2022 mean household income: $305,653
- Monthly non-rent expenditures: $3,390.07
- Average monthly rent: $3,413.77
- Income needed: $163,292.16
Cupertino
- 2019 mean household income: $206,009
- 2022 mean household income: $283,063
- Monthly non-rent expenditures: $3,300.65
- Average monthly rent: $3,683.50
- Income needed: $167,619.55
Los Altos
- 2019 mean household income: $326,456
- 2022 mean household income: $400,817
- Monthly non-rent expenditures: $3,306.51
- Average monthly rent: $6,031.25
- Income needed: $224,106.16
Menlo Park
- 2019 mean household income: $241,222
- 2022 mean household income: $316,584
- Monthly non-rent expenditures: $3,318.87
- Average monthly rent: $3,596.39
- Income needed: $165,966.37
Palo Alto
- 2019 mean household income: $232,529
- 2022 mean household income: $301,226
- Monthly non-rent expenditures: $3,286.90
- Average monthly rent: $3,621.81
- Income needed: $165,809.17
Saratoga
- 2019 mean household income: $257,441
- 2022 mean household income: $329,142
- Monthly non-rent expenditures: $3,369.20
- Average monthly rent: $4,930.00
- Income needed: $199,180.69
Santa Clara
- 2019 mean household income: $150,572
- 2022 mean household income: $206,379
- Monthly non-rent expenditures: $3,207.38
- Average monthly rent: $3,132.46
- Income needed: $152,156.10
Lafayette
- 2019 mean household income: $250,550
- 2022 mean household income: $312,233
- Monthly non-rent expenditures: $3,243.51
- Average monthly rent: $3,416.22
- Income needed: $159,833.60
Mountain View
- 2019 mean household income: $189,559
- 2022 mean household income: $239,238
- Monthly non-rent expenditures: $3,234.03
- Average monthly rent: $3,639.08
- Income needed: $164,954.61
Fremont
- 2019 mean household income: $160,528
- 2022 mean household income: $203,058
- Monthly non-rent expenditures: $3,168.55
- Average monthly rent: $2,943.07
- Income needed: $146,678.98
Sunnyvale
- 2019 mean household income: $179,798
- 2022 mean household income: $231,726
- Monthly non-rent expenditures: $3,225.62
- Average monthly rent: $3,233.19
- Income needed: $155,011.57
Milpitas
- 2019 mean household income: $154,559
- 2022 mean household income: $195,424
- Monthly non-rent expenditures: $3,294.21
- Average monthly rent: $3,055.82
- Income needed: $152,400.79
Belmont
- 2019 mean household income: $201,232
- 2022 mean household income: $238,865
- Monthly non-rent expenditures: $3,398.61
- Average monthly rent: $2,772.18
- Income needed: $148,098.84
Redwood City
- 2019 mean household income: $163,498
- 2022 mean household income: $211,981
- Monthly non-rent expenditures: $3,333.39
- Average monthly rent: $3,364.48
- Income needed: $160,748.89
Campbell
- 2019 mean household income: $157,472
- 2022 mean household income: $193,966
- Monthly non-rent expenditures: $3,315.52
- Average monthly rent: $3,114.47
- Income needed: $154,319.70
Foster City
- 2019 mean household income: $185,716
- 2022 mean household income: $234,829
- Monthly non-rent expenditures: $3,411.55
- Average monthly rent: $3,381.18
- Income needed: $163,025.73
Burlingame
- 2019 mean household income: $183,137
- 2022 mean household income: $224,228
- Monthly non-rent expenditures: $3,393.53
- Average monthly rent: $2,899.72
- Income needed: $151,037.82
Resources
- “San Carlos Makes Top 50 List For Financially Stable Families”, from San Carlos Patch, March 2024
- “50 Cities Where It’s Getting Easier for Families To Make Ends Meet” from GoBankingRates.com, March 2024
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