With its beautiful beaches, mild climate, and wealthy lifestyle, living in Los Angeles is a fantasy for many people throughout the world. As the phrase goes, “nothing good comes cheap,” and living in Los Angeles is no exception. A recent analysis by Smart Asset revealed that residents without children in the main metropolitan areas of the United States require an after-tax income of $76,710 to live comfortably.
The study employed the MIT Living Wage Calculator, which factors in the cost of housing, food, transportation, and medical care, among other expenses. The 50/30/20 method was used to calculate a “comfortable” lifestyle by allocating 50% of after-tax income to needs, 30% to wants, and 20% to savings or debt payments.
Although Los Angeles made it into the top ten at No. 6, it did not make the top five highest wages required for a single person, falling behind two other Californian cities. The San Francisco Bay Area topped the list, where a post-tax salary of $84,026 is required for a single person to live comfortably, followed by San Diego, where a salary of $79,324 is required.
It is no secret that California is an expensive place to live, and as a result, many residents are relocating to Arizona and Texas. Several of these cities reached the top 25 list, including Phoenix-Mesa-Chandler, Arizona, at No. 14 and Dallas-Fort Worth-Arlington, Texas, at No. 17.
The report is a great resource for anybody contemplating relocating to a new place or altering their lifestyle. It emphasizes the significance of examining not only the expense of living in a specific location, but also the quality of life one might anticipate.
Los Angeles has continued to attract individuals from all over the world despite its high cost of living, and for good reason. It is a city that provides numerous opportunities, from a bustling entertainment industry to a wide array of eateries and cultural activities. It is also home to twelve professional sports teams, making it a paradise for sports enthusiasts.
Los Angeles may have a high cost of living, but it is still feasible to enjoy the city on a budget. It is possible to obtain affordable accommodation, transportation, and food with a little bit of planning. One could choose to live in a smaller apartment or share a living space with roommates, for instance. Similarly, choosing public transportation or bicycling instead of having a car can save transportation expenses.
Here is the complete list:
- San Francisco-Oakland-Berkeley, CA, $84,026
- San Diego-Chula Vista-Carlsbad, CA, $79,324
- Boston-Cambridge-Newton, MA-NH, $78,752
- New York-Newark-Jersey City, NY-NJ-PA, $78,524
- Seattle-Tacoma-Bellevue, WA, $77,634
- Los Angeles-Long Beach-Anaheim, CA, $76,710
- Washington-Arlington-Alexandria, DC-VA-MD-WV, $76,194
- Portland-Vancouver-Hillsboro, OR-WA, $74,086
- Denver-Aurora-Lakewood, CO, $70,892
- Orlando-Kissimmee-Sanford, FL, $67,740
- Riverside-San Bernardino-Ontario, CA, $67,060
- Miami-Fort Lauderdale-Pompano Beach, FL, $67,056
- Atlanta-Sandy Springs-Alpharetta, GA, $66,580
- Phoenix-Mesa-Chandler, AZ, $65,670
- Chicago-Naperville-Elgin, IL-IN-WI, $65,500
- Tampa-St. Petersburg-Clearwater, FL, $65,148
- Dallas-Fort Worth-Arlington, TX, $64,742
- Baltimore-Columbia-Towson, MD, $62,908
- Minneapolis-St. Paul-Bloomington, MN-WI, $62,798
- Houston-The Woodlands-Sugar Land, TX, $62,260
- Charlotte-Concord-Gastonia, NC-SC, $62,110
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD, $61,678
- San Antonio-New Braunfels, TX, $59,270
- Detroit-Warren-Dearborn, MI, $58,358
- St. Louis, MO-IL, $57,446