According to real estate website Zillow, the average cost of an LA home is hovering at $764,528. I live in Seattle and make $135K (tech). Los Angeles is one of the most expensive cities in the world and it is the second-largest city in the United States. DID YOU KNOW? Erika Giovanetti is a Charlotte, NC-based writer and editor who enjoys spending time in nature, reading modern fiction and non-fiction, unearthing and recreating family recipes, playing with her kittens and spending time with friends and family. Those figures are higher if you’re paying a mortgage rather than renting. The Salary You Need To Live Well in LA Is Staggering. They calculated an annual income of $74,371 was about right for the average person to live comfortably in Los Angeles. Organic food is very easy to find in LA but it is also very expensive. The salary needed to live comfortably in Los Angeles has risen by more than $25,000 in the past year, due to rising annual costs of transportation and utilities. Buses in Los Angeles are also not the best. GOBankingRates found the annual expenditures for both people paying a mortgage payment and for people who are paying rent separately, and the median income was subtracted by annual expenditures for those paying a mortgage and those renting to see how much money is needed or left over for each city. To determine the figures for this study, GOBankingRates utilized the 50/30/20 rule, which assumes that 50% of income should go toward necessities, 30% should go toward discretionary spending and 20% should be saved. Each index was multiplied by the annual expenditure amount in each category from the Bureau of Labor Statistics’ 2017 Consumer Expenditure Survey, which measures household annual mean expenditures to determine the annual mean spending for each category; (2) Rent costs were sourced from Zillow’s February 2019 rental value index for single-family residences, and were multiplied by 12 to obtain an annualized yearly spending on rent; (3) Mortgage rates were based off of Zillow’s February 2019 median home value, and Zillow’s mortgage calculator was used to determine the monthly mortgage payment for each given city based off of the home value and a 30-year fixed loan. Compare cost of living in Los Angeles with factors like salaries, housing expenses, groceries, utilities and more. One outlier, though, is transportation — whereas annual transportation costs might have run you $5,400 in 2016, you’ll pay more than three times that in 2019 at $18,290.16. How we determined the highest paid jobs in Los Angeles For 2020. But it is advisable that you do a lot of research on that neighborhood because there are plenty of unsafe neighborhoods in LA. Your email address will not be published. But you also have to understand that you are going to have other monthly expenses such as a phone bill, doctor’s appointments, shopping, etc. But you also have to understand that you are going to have other monthly expenses such as a phone bill, doctor’s appointments, shopping, etc. The average cost for a one-bedroom apartment in the city center is around $2,200 per month. Q: What would my quality of life be in Los Angeles on $150,000 salary? A GOBankingRates study determined the salary you’ll need to live comfortably in 50 major U.S. cities, and Los Angeles came in at No. Flight Costs from Los Angeles. This means that 50% of the Los Angeles population is making more than this, but also 50% is making less. Also See: Why You Should Flee New York City When It’s Time to Retire. Los Angeles is home to about 4 million people who enjoy the sunny weather, cultural diversity and acclaimed foodie scene. According to the study, you’ll need to make $128,552.42 per year to pay for necessities and have money left over to save. It is a very exclusive city and it seems like everything there costs a lot of money. Either way, it sounds like you guys are on the right track. $80K is only about 11% of $690K ($230K over 3 years) and that's if you're going for the full 10% down. many city dwellers don’t need to earn six figures to make a living. We’re talking about rentals for under $1,700 per month. Methodology: GOBankingRates found the cost of living in America’s 50 biggest cities by analyzing the following factors: (1) Cost of living index for groceries, utilities, transportation and healthcare sourced from Sperling’s Best Places. And if you are a vegan, you are going to need a lot more. They average slightly over $3,900. And prices vary in each part of the city. Check out the amounts needed to live comfortably from years past: With a median household income of $54,501, it would seem that many who live in L.A. are living well above their means. If you’ve been wondering where you can afford to live, RentHop’s data science team has done the math for you. Find Out: How Much You Need to Live Comfortably in 50 Major US Cities. If you try to live car-free, you will find out very quickly that it is an exercise and constant frustration. Let's say you wanted to put down 10% so you can get out of PMI sooner - we're still only talking $80K. You’ll probably get along fine if you don’t make quite so much, but living comfortably will be a lot more feasible if you reside in one of these more affordable cities. And that’s the least amount of money. If you want to live comfortably in the Big Apple, you’ll need to earn at least $128,552 a year — and nearly $150,000 if you’re looking to own where you live.
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