Those looking to move to the West Coast have likely heard of the beautiful city of Sunnyvale. Situated within the Santa Clara Valley of Northern California and a short drive from San Francisco and Silicon Valley, this community is known for its beautiful weather and stunning views of the Valley. However, with many advantages, comes an important question: what is the cost of living in Sunnyvale?
A Look at Housing Costs
When it comes to housing costs, Sunnyvale has the third highest median home value of cities in all of the Bay Area, following Palo Alto and Cupertino. As of 2021, the median home value in Sunnyvale is around $1,400,000 and is estimated to remain around there in the coming years even with a slight decrease.
Rent prices in Sunnyvale are also higher than the national average. The average rent for an apartment or house in Sunnyvale is approximately $2,600 per month, a cost which may be out of reach for many individuals. Furthermore, if you are looking for something more centrally located, such as downtown Sunnyvale, expect to pay even more for rent.
Buying vs Renting in Sunnyvale
When weighing the options of either buying a home or renting in Sunnyvale, it is important to take into consideration various factors. Those who plan on staying within the area for only a short period of time may want to consider renting rather than owning a home, as the process of selling a home can be costly and often difficult.
Furthermore, before deciding on whether to buy or rent, it is important to evaluate your financial situation and make sure that both are viable options. If you are financially able to purchase a home and have enough money saved up for a down payment and closing costs, then buying might be the best option. On the other hand, if you don’t have the funds to buy a home quite yet, renting might be the better choice. There are many other advantages of owning a home in Sunnyvale, such as building equity, making changes to the property, and potential tax benefits.
Other Expenses to Consider
In addition to housing costs, there are many other expenses to consider when determining the cost of living in Sunnyvale. Utilities are one of the biggest fixed expenses for any household. In Sunnyvale, the average cost for utilities per month is about $200. This includes electricity, natural gas, water, and garbage. It is generally cheaper for those looking for internet and cable services to bundle their services, as many providers offer discounts for doing so.
The cost of groceries and restaurants in Sunnyvale is considerably higher than the national average. The average meal at a mid-range restaurant in Sunnyvale costs around $25. Additionally, the cost of a dozen eggs is approximately $3.50 while a gallon of milk costs around $3.90.
Taxes in Sunnyvale
California is known for having some of the highest income taxes in the country. Thankfully, Sunnyvale residents are able to avoid the state income tax entirely, since it falls into the territory of Santa Clara County. However, those living in Sunnyvale must still abide by the sales tax rate of 9.75%. The city of Sunnyvale also imposes a special hotel tax of 13%, applicable to travelers who stay in hotels within the city limits.
Is Sunnyvale Right for You?
Living in Sunnyvale offers many unique advantages, from beautiful scenery to sunny weather and close proximity to Silicon Valley. However, the high cost of living should not be taken lightly. Before packing your bags and moving to Sunnyvale, make sure to consider your current financial situation and the types of expenses that come when living in the Bay Area. Although the cost of living may be high, Sunnyvale remains a great place to call home for many looking to live in the heart of California.
Cost of living constitutes an important factor when considering to move to Sunnyvale. While many view this Bay Area city as a prime destination, it is critical to understand the associated expenses and weigh the pros and cons before making the big move.