Salary Need Live Well La All Time High
If you plan on living in Los Angeles comfortably and lavishly, the salary you will need has to be an income of six figures. Specifically, you would need at least 150,000 dollars approximately to own your own house and you would need approximately 130,000 dollars or so to pay rent for an apartment.
What can you do to prepare yourself to live in Los Angeles?
You need to know how much you will need in savings before heading there. Consider how to get your car there unless you will be living in Downtown Los Angeles but you will definitely need to ship or drive your car there because you will have to drive a lot. Decide on the neighborhood you plan on living in before moving to Los Angeles. That will help you with figuring out your cost of living. You may need to consider getting two jobs if you do not have that six figure salary in the beginning of your new life there. You might also need storage space, so you may need to consider getting a facility close to your home.
What type of salary do you need to live well in Los Angeles?
As mentioned before, you will definitely need a salary of six figures to be able to live comfortable in Los Angeles. Depending on whether you plan on paying rent or owning a house, you will need at least 135,000 dollars for renting an apartment or 150,000 dollars to own a house. Due to the rise in transportation costs and cost of utilities, the salary needed to live in Los Angeles comfortably has increased by 25,000 dollars or more. Studies have even shown the increase in the salary needed over the years to live in Los Angeles comfortably. In 2016, the salary needed was approximately 94,000 dollars. While it has not increased that much in 2017, a salary of 100,000 dollars was the cost of living comfortably back then. In 2018, it increased to 110,000 dollars and as of 2019, the pay needed is around 150,000 dollars. Due to the housing costs which would be a yearly rent payment of approximately 40,000 dollars, many households in Los Angeles are living quite comfortably due to their income of somewhere around 55,000 dollars. Living in Los Angeles is quite costly but if you are the type of person that loves the diversity in culture as well as their sunny weather and foodie scenes, then it is definitely the place for you and the steep price might not be much of a big deal if you find it all the worth.
What is the reason for a salary of six figures needed to live comfortably in Los Angeles?
The reason that living comfortably in Los Angeles costs so much is not only because of the rent. Which, granted, is rather expensive seeing as it would cost 40,000 dollars, but also because of other factors. Factors such as groceries, utilities, transportation and also healthcare. Groceries alone cost approximately 4,000 dollars. Utilities costs approximately 3,500 dollars and healthcare would cost roughly the same as groceries, being 4,200 dollars or so. Transportation on the other hand has become more expensive than it was before, amounting to around 20,000 dollars hence the reason that you would need an income of six figures to live in Los Angeles.
Conclusion
Living in Los Angeles comfortably would require a lot of savings and a steady job with high income. It may be nothing for some people or even worth the money if you are the type of person that loves the weather in Los Angeles or the diversity of cultures there or even just because of the different types of food that Los Angeles can offer. If you do not have a high salary, then Los Angeles is not the city for you to live in.
How much does it cost to rent an apartment in Los Angeles?
Renting an apartment costs around 135,000 dollars.
How much does it cost to own a house in Los Angeles?
Owning your very own house would cost around 150,000 dollars.
What other factors make the standard of living in Los Angeles so high?
Other than the cost of rental or owning a house, there is also utility cost as well as groceries, transportation and healthcare.
