This is not a surprise. But look at the costs to live in California. We are quickly becoming a State of the rich, the criminals, the illegal and the homeless.
“While New York came in as the most expensive city to live comfortably, San Jose came in a close second. According to Smart Asset, a single adult would need $65.74 an hour, or $136,739 a year to live comfortably, with a family of four needing $334,547 a year. Irvine and Santa Ana came in third in the country and second overall in California in a tie, with both cities needing an hourly wage of $60.96 for a single person, $126,797 annually for a single person, and $291,450 annually for a family of four.
In addition, San Diego, Chula Vista, San Francisco, and Oakland all made the top ten, with all four requiring between $57 and $59 an hour for a single person.
This is a doom loop of economics. The only question is when it dies.
Seven Of Top Ten Most Expensive Cities In US Are In California
San Francisco requires a whopping $339,123 a year for a family of four to live comfortably
By Evan Symon, California Globe, 3/12/24 https://californiaglobe.com/fr/seven-of-top-ten-most-expensive-cities-in-us-are-in-california/
Financial tech company Smart Asset just released a new study of the most expensive cities in the United States to live in comfortably, with seven of the top ten located in California.
Previous studies have shown a similarly high number of cities in California among the most expensive to live in in the country. In November, a study by U.S. News and World Report found that San Diego is the most expensive city to live in in 2023, with 12 of the top 20 most expensive cities located within California. However, while previous lists have largely used flat expenses, the Smart Asset survey broke it down between what single people need against what a couple with two children would need to live comfortably.
While New York came in as the most expensive city to live comfortably, San Jose came in a close second. According to Smart Asset, a single adult would need $65.74 an hour, or $136,739 a year to live comfortably, with a family of four needing $334,547 a year. Irvine and Santa Ana came in third in the country and second overall in California in a tie, with both cities needing an hourly wage of $60.96 for a single person, $126,797 annually for a single person, and $291,450 annually for a family of four.
In addition, San Diego, Chula Vista, San Francisco, and Oakland all made the top ten, with all four requiring between $57 and $59 an hour for a single person.
The other figures varied, with San Francisco requiring a whopping $339,123 a year for a family of four to live comfortably. Cracking the top 20 also saw the inclusion of Anaheim, Long Beach, and Los Angeles. In comparison, the cheapest Californian city, Bakersfield, was only ranked as the 36th cheapest in the country, with an hourly salary of $42.88, or $89,190 yearly, being needed for a single adult, and a family of four needing $218,150 a year.
For the study, Smart Asset used the 50/30/20 methodology. Under the method, 50% of a salary should be allocated to needs, 30% toward wants like entertainment and hobbies, and 20% toward paying off debt, saving or investing.
“This survey is interesting because large states like California, Las Vegas, Texas, Arizona and other Sun Belt states have such a wide degree of costs, ” Marilyn Dorian, a cost of living advisor based in Southern California, told the Globe. “Many large cities in California are still cheaper to live in than cities where many Californians are moving to in other states. Even those with much lower taxes. I mean, that’s Fresno, Bakersfield, Stockton, Sacramento. There’s a reason they’ve gained population.”
“There’s also some strange little anomalies. Both Los Angeles and San Francisco are losing people. However, San Francisco remains very expensive while LA is moving down the list. They aren’t even top ten anymore. There’s a variety of factors going on there, but it moved them down the list.”
“This survey shouldn’t come as a surprise to many in California, but it does show that some cheap areas still exist in the state and that some areas are, while not getting cheaper, are being out paced by other cities. Las Vegas, the Phoenix Area, the Dallas area are becoming more expensive at rates quicker than the Californian cities now. Austin, Nashville, and many Florida cities, you know, they may be surpassing more Californian cities soon. They’re only a few dollars an hour behind LA right now in terms of the per hour to live. Atlanta is going to surpass LA soon as a more expensive city too.”
“California is still very expensive to live in, but a lot of places are catching up quick.”
More city comparison surveys on expenses are to come out later this year.
