Yahoo Finance Here’s the Living Wage a Single Person Needs To Live Comfortably in California
It probably comes as no surprise that California sports one of the priciest cost of living in the United States. In fact, some cities in the state, like San Jose and Irvine, are known for being the most expensive in the country.
However, there’s something you might not know. According to KRON 4, “Relatively, it’s less expensive to raise a family in California than live comfortably alone.”
According to a SmartAsset study, California ranks third-most expensive for a single adult to live comfortably at $113,652. But it only ranks fifth-most expensive for two working adults raising two children — in which case the total family income should be at least $276,724.
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The study looked at 99 of the largest cities in the United States based on the 50/30/20 budget rule. It recommends that for sustainable comfort, 50% of your salary should go to needs such as housing and groceries; 30% toward wants; and 20% toward paying off your debts and saving.
The study found a single person needs to make about $96,500, on average, to have long-standing comfort in a major city in the U.S. That means living without the pressure of going paycheck to paycheck, paying off debt and saving for the future.
Several California cities made the list for the highest salaries needed for a single adult to live comfortably: San Jose, Irvine, Santa Ana, San Diego, Chula Vista, San Francisco and Oakland.
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So yes, California is one of the most expensive states for a single person to live comfortably. But here’s something to keep in mind with these kinds of studies — they are generally very broad in nature. So, if you find a good deal on a house or apartment and keep your spending in check, you’re likely to be able to live comfortably in many cities in California.
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This article originally appeared on GOBankingRates.com: Here’s the Living Wage a Single Person Needs To Live Comfortably in California
