California Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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California Cost Of Living Statistics 2023: Facts about Cost Of Living in California reflect the current socio-economic condition of the state.

california

LLCBuddy editorial team did hours of research, collected all important statistics on California Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a California LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will California Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top California Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 20 California Cost Of Living Statistics on this page 🙂

California Cost Of Living “Latest” Statistics

  • MERIC statistics from 2021 show that California has the third-highest cost of living in the nation.[1]
  • With a cost index of 1,182, Sacramento’s cost of living is 18% more than the national average.[2]
  • The Bureau of Economic Analysis estimates that California’s yearly average cost of living is $46,636 as of the year 2020.[1]
  • The typical city in California has a 38% higher cost of living than the average city nationwide, according to the 2020 cost of living index.[3]
  • In Orange County, a haircut will cost you on average 23% more than it would elsewhere in the nation.[3]
  • California, the most costly state in the U.S., will see an average gallon of normal petrol costing $5.77 in March 2022, according to GasBuddy.[4]
  • In California, the cost of these goods and services ranges all the way from below 11% to above 33% of the national average.[3]
  • California’s metro areas will likely cost between $50,000 and $75,000 more to construct a conventional single-family house than the rest of the nation.[5]

California Cost Of Living “Price” Statistics

  • The California Association of Realtors forecasted a state median of over 800,000 in 2022, while Redfin estimated the median selling price of California houses at 700,000 in October 2021, compared to a U.S. median existing home sale price of 353,900 in the same month.[1]
  • California had a median house price of more than $600,000 in March 2020, which is about 88% more than the national median of $320,000.[3]
  • Despite having the cheapest gas prices in California, the city of Modesto’s gas stations still charge 27% more than the rest of the country.[3]
  • The MIT Living Wage Calculator estimates that in California, an adult without children needs a living wage of $38,823 before taxes to be in a living condition in the state.[4]
  • The typical city in California has a 38% higher cost of living than the average city nationwide, according to the 2020 cost of living index.[3]

California Cost Of Living “Other” Statistics

  • According to the census supplemental poverty measure, California had the greatest rate of poverty between 2013 to 2015 at 20.6%.[6]
  • Low-income families outside of California report spending 67% of their income on housing, which is 11% higher than low-income households in California.[5]
  • Compared to the national average of 1.19%, California’s average effective property tax rate is 0.79%.[4]
  • According to statistics from the National Association of Realtors, the median age of first-time homebuyers in California in 2013 was 34 which is 3 years older than the national average.[5]
  • According to the personal consumption expenditures by state report from the 2020 Bureau of Economic Analysis, the average yearly expenditure of health care for a Californian is $7,638.[1]
  • The state of California falls to the 9th highest overall sales tax rate in the country when you take into account their average local level sales tax rate of 1.41%.[3]
  • According to a 2014 research by the Public Policy Institute of California, the poverty line for a family of two adults and two children in California was, on average, $30,000 depending on the state’s region.[6]

Also Read

How Useful is California Cost of Living

When it comes to the usefulness of the California cost of living, there are certainly both pros and cons to consider. On one hand, having a high cost of living can indicate a thriving economy with plenty of job opportunities and a strong demand for goods and services. This can be a major draw for individuals looking to advance their careers and improve their financial prospects. Additionally, a high cost of living can also be a sign of a high quality of life, with access to top-notch healthcare, education, and cultural amenities.

However, there are also significant drawbacks to living in a state with such a high cost of living. For one, the exorbitant housing prices can make it difficult for individuals and families to find affordable housing, leading to overcrowding, homelessness, and displacement. Additionally, the high cost of living can put a strain on household budgets, making it challenging for individuals to save for the future or even make ends meet.

Moreover, the high cost of living in California can create a stark divide between the haves and the have-nots, exacerbating income inequality and widening the wealth gap. This can have far-reaching consequences for the state’s social fabric and economic stability, as disparities in income and wealth can lead to heightened social tensions and decreased social mobility.

On the whole, the California cost of living can be a double-edged sword. While it can signify a vibrant economy and a high quality of life, it also comes with significant challenges for residents, especially those who are already struggling to make ends meet. As the state continues to grapple with issues of affordability and inequality, finding solutions to reduce the cost of living and make California more accessible to all residents will be crucial for ensuring a thriving and equitable future for the state.

Reference

  1. sofi – https://www.sofi.com/cost-of-living-in-california/
  2. california – https://www.california.com/californias-cost-living-norcal-vs-socal/
  3. ramseysolutions – https://www.ramseysolutions.com/real-estate/cost-of-living-in-california
  4. smartasset – https://smartasset.com/mortgage/the-cost-of-living-in-california
  5. ca – https://lao.ca.gov/reports/2015/finance/housing-costs/housing-costs.aspx
  6. politifact – https://www.politifact.com/factchecks/2017/jan/20/chad-mayes/true-california-has-nations-highest-poverty-rate-w/

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