California is one of the well-known states in the USA and it is home to a few of the richest and also the poorest counties and cities of America. This means, you cannot define a single index as far as the cost of living of California is concerned.
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Before moving here, let us appraise briefly the general information of this city. In the year of 1847, California became a part of U.S. territory after the treaty signed at the end of the Mexican-American War.
In the year 1848, an influx of many settlers started heading towards the west coast to search for fortune because the gold discovery at Sutter’s Mill became quite known to the people. In the year 1850, California was included as one of the states of the USA and became the 31st state.
California is today considered as the third largest state just after Alaska and Texas in terms of area and in terms of population, it is one of the most populous states of the USA.
California’s housing cost
Usually, the largest percentage of people’s income is spent on housing. You can find a huge range of housing costs, particularly in California, which is from ultra-expensive costly San Francisco to a few smaller cities. As per the data available, the average value of a home in San Francisco is around $1,304,885, whereas in Sacramento the average home value is $355,030.
As per the data of March 2019, the average rent of a 2-bedroom apartment is $1,175. In Los Angles, it is $1,752, which is almost $577 more than the country’s average. The figure of San Diego is even bigger where the average rent is $2,030, more than $855 from the national average.
If you find yourself in a dilemma about whether to buy or rent, then better speak to your financial advisor. They may help you to arrive at a sensible decision about what can be perfect for your long-term financial goals.
The data as per MIT Living Wage Calculator are as follows:
- For a family with no children with the wage of $30,392 (before taxes) the food expenses is $3,573,
- Milk cost/gallon is $2.91 in Fresno and the same is $3.81 in LA.
- Dozen of egg cost is $1.83 in Fresno and in LA it is $3.24
- The national average for one-gallon milk is $3.10 and a dozen eggs are $2.26, respectively.
The utility bills in California is relatively low. The average consumption of Californians is 554 kWh per month. Usually, they pay 18.31 cents/kWh, and as a result, an average monthly bill for electricity is $101.49.
The most expensive is Hawaii ($149.33) and New Mexico ($79.16) is the cheapest in average monthly electricity bill while the US average is $111.67.
Hope all these data will be useful to know before you decide to move to California.