California’s High Cost of Living: How Much Do You Need to Earn to Survive?

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Even though California is not regarded for being very affordable, you might be surprised by how much it costs to live well here as a single person. 

California was classified as the third most expensive state to live in as a single person in a recent survey by the financial website GOBankingRates, just behind Massachusetts and Hawaii. 

Together with data from the United States, the poll examined the annual living costs for single people in each of the 50 states. Labor Statistics Bureau. 

According to the report, the living wage in California is $80,013 per year or less. This takes into account how much it will cost to cover essential expenses while still having enough left over for personal spending and money to set up for savings.

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Even though California is not regarded for being very affordable, you might be surprised by how much it costs to live well here as a single person.

Residents in San Francisco, where it was discovered that a net worth of $1.7 million is required to be financially comfortable, or $4.7 million to be wealthy, are unsurprised by this.

According to the report, Hawaii was the most costly state, where a single individual would need to earn $112,411 per year to get by. Massachusetts lagged behind with an annual income of $87,909. 

Mississippi has the lowest annual income required to make a living wage; here, you need just about $46,000 to live comfortably. 

According to the report, combined with an increase in the cost of goods, the average yearly salary required to cover basic expenses and set aside some money for savings has gone up nationwide.

 As stated by the U.S. According to the Bureau of Labor Statistics, costs increased on average per year between 2020 and 2021 by 9.1%.

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Source: SFGATE, Newsbreak

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