The website Gobankingrates.com jumped in and did the math for us in their piece, “How Much Money You Need to Live Comfortably in the 50 Biggest Cities”. They calculated an annual income of $74,371 was about right for the average person to live comfortably in Los Angeles.
An amount below 100 means California is cheaper than the US average . California cost of living is 149.9.
|COST OF LIVING||California||United States|
Why are California housing costs so high? At its most basic level, it’s a story of supply and demand; lots of people want to live here, and there aren’t enough homes to go around. More than 20% of Californians pay more than half their income for housing.
Using the 50-30-20 rule for personal budgeting (50 percent of income toward necessary costs like housing and food, 30 percent for “discretionary spending” like entertainment and going out, 20 percent for savings), an Angeleno needs to make $74,371 a year to live “comfortably” in Los Angeles , a study by finance site
80K for a single person is more than Decent . If you want your money to go further move to the eastbay. I”m assuming after taxes your take home pay is around 5000 per month. You can do just about anything you want with that money since you have no kids etc.
So basically speaking, 50K gross is NOT nearly enough in less you find 2 or 3 roommates to share ALL expenses. Now if you can live/work in some of the more remote areas of Calif. some desert and forest areas, you can possibly make it on that amount, but you would have NO extras. Calif is a very expensive place to live.
The average salary in California is $63,783 . That is the median salary, which is a more accurate picture of average salaries in California than the mean salary. The mean salary is $91,149 .
As others have said, you can live in LA on 40k a year . Plenty of people do . It will definitely help if you move to the right area and get some friendly roommates.
Can I live on $50,000 a year in California? Yes, you can survive, but you ‘re not likely going to be able to buy real estate anywhere you would want to live or that seems like the California you may imagine. In Los Angeles County the line defined as low income for 1 person is actually $50,500 annually as of March 2018.
LOS ANGELES , CA — California home price increases and sales are expected to slow in 2021 , but the Los Angeles-based California Association of Realtors doesn’t forecast widespread price drops .
Here are the 5 most affordable cities in California: Oxnard . Ventura. Simi Valley . Vacaville . Camarillo .
Moving to California may NOT be a good idea . It may be for great weather, good job prospects, or something else. One option is to live in a non state income tax state like Nevada for 51% of the time and live in California 49% of the time to avoid paying the tax.
Originally Answered: Can you live in LA on minimum wage ? You can , but the only people who do that don’t speak English and they have so many roommates, they may be hot bunking. If you are over about 22, you shouldn’t be making minimum wage .
It’s a good annual income for an individual, absolutely. It’s even a fairly good household income . Carefully managed, it would over time afford a person an “ average ”( average selling price) home in Los Angeles county, assuming you had the discipline to save a nominal down payment.
70k will afford you a nice 1br apartment in a decent part of town at the least. if you’re working in the 90028 zip code, i would consider somewhere like los feliz. You can definitely make it out here on that. Some people seem to think you have to make an enormous amount of money to survive out here.