Out of the top 10 most expensive cities in America, Californian cities take up half the list.
Absurd, isn’t it? Why is the cost of living in California so high?
Between San Francisco, Oakland, San Jose, San Diego, and Los Angeles, you can expect to find exorbitant housing costs among other facets.
If you’re looking for a detailed breakdown of the average cost of living in the state of California, keep reading.
California Real Estate
The average cost of real estate in California is $849,080. And this number is only going up.
This growth is even starker for the regions listed above, including places like San Francisco and LA County.
In terms of rent, you can expect to pay almost twice the median rent of a similar-sized property in your average American city.
A median mortgage cost would be around $2.5K. If you want to know more about the state of the California real estate market, consult SELLERSADVANTAGE.
Average Rent in California
What can you expect to pay for rent in California? Here’s a breakdown by property type.
- Studio: $1374
- 1 Bedroom: $1568
- 2 Bedrooms: $1961
- 3 Bedrooms: $2641
- 4 Bedrooms: $3038
In short, it is highly unlikely you will be able to find a place to rent for under $1000 in the state of California.
Average Cost of Living
The average cost of living in California comes out to near $50K per year.
Be advised that this is an average estimate. If you live in a city like San Francisco, be prepared for the costs to increase dramatically.
You can use the cost of living calculator to compare any city in the world in terms of cost of living, so take a look at some California cities and see how they compare to each other!
Utility bills in California are relatively inexpensive. Californians utilize around 572 kWh per month, according to the March 2022 Save on Energy Electricity Bill Report. They spend an average of 23.22 cents per kWh, for a monthly electricity cost of $101.49. For comparison, Hawaii has the highest average monthly bill ($191.01) and Utah has the lowest ($78.13).
The national average in the United States is $122.79.
Wage for Californians
An adult in California with no children needs a living wage of $38,823.
You should expect food costs to contribute $3,792 (or 9.8 percent) of that amount.
Note that this is a minimum amount an average adult needs, and does not account for any luxury purchases like eating at expensive restaurants or more expensive food items.
You may expect to budget more due to global supply chain disruptions; California’s gas prices are the highest in the country and they may rise.
Cost of Living in California Is on the Rise
The cost of living in California is on the rise. With inflation and global supply chain instabilities, families will find it difficult to remain in California without a corresponding high-paying job.
For more information on real estate and home matters, visit our general news section!