Los Angeles, CA

This is the real cost of living in Los Angeles, CA

Saurabh

Disclaimer: The author does not claim to be an expert in the field, but the article is based on credible sources.

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Los Angeles is regarded as one of the most attractive cities in the United States. It draws travelers from all over the world who aspire to live in Los Angeles, a diverse and glamorous city. Jobs in Los Angeles are focused on the arts, design, entertainment, sports, and media, more so than in other cities, and many individuals relocate here to build a name for themselves in these fields.

According to the United States Census Bureau, the population of Los Angeles City is around 3.9 million, which is a large figure in and of itself, and when combined with the population of Los Angeles County, the population totals over 10 million. It's difficult to draw broad generalizations about such a huge and varied territory, but one thing is certain, and i.e., Los Angeles is an expensive place to live.

According to the Numbeo cost of living index, which includes consumer goods costs such as groceries, restaurants, transportation, and utilities, Los Angeles ranks 79.49 out of 100 in July 2020. However, when rent is included in, the score drops to 74.88.

Talking about the numbers by Zillow, the average property value in Los Angeles is $965,684. This number is seasonally adjusted and only covers residences in the medium price range. Over the last year, housing values in Los Angeles have increased by 16.8 percent. As a result, the majority of Los Angeles inhabitants cannot afford to own a house in the city, and around 64% of people rent their residence.

As Los Angeles is such a big city, property prices vary a lot depending on where you live. Median-priced single-family houses in seaside Venice sell for $1,763,285, while average homes in Mid-City sell for $835,074. The median price in Downtown Los Angeles is around the $700,000.

When it comes to the earnings of Los Angeles residents, the minimum wage in the city is up to $16.04. This is more than California's minimum wage of $10 and nearly double the national minimum wage of $7.25. The average worker in the Los Angeles metropolitan region earns $30.61 per hour, or $63,903 per year. This is 13% more than the national average of $27.07.

Thank you for reading!

References:

United States Census Bureau

Numbeo

Zillow

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Saurabh is a Computer Science & Engineering undergraduate student pursuing his writing interests. He enjoys researching current events/news as well as Evergreen Topics and has also been writing on Medium, Quora and Vocal.

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