Quick Answer: Can You Live In LA On 40000 A Year?

What is a livable salary in Los Angeles?

Living Wage Calculation for Los Angeles County, California1 ADULT2 ADULTS (BOTH WORKING)0 Children3 ChildrenLiving Wage$14.83$24.98Poverty Wage$6.00$7.25Minimum Wage$12.00$12.00.

What is a good salary for a single person in California?

We heard that, while $75,000 is a comfortable salary for a single person in San Francisco with four roommates and no loans, it is “not nearly enough” for a young family in Orange County, California, trying to save enough for homeownership and their child’s college education.

What salary do you need to live in California?

According to the MIT Living Wage Calculator, an adult with no children in California requires a living wage of $30,392 before taxes. Of that annual income, food expenses account for $3,573, or 11.8%.

Is 70k a good salary in Los Angeles?

Average number of persons per household is listed as 2.8. So $70K is pretty decent for a single person. It’s not great, but with the proper housing arrangement, there should be money left for savings and some fun. 70k is like the average wage for a middleling white collar professional.

What is the minimum a family of 4 can live on?

According to a recent Gallup survey, most American families believe a family of four would need at least $58,000 per year to “get by” in their communities. That’s more than the median household income, which came in at $55,775 a year in 2015.

Is 100k a good salary in California?

It’s a good annual income for an individual, absolutely. It’s even a fairly good household income. Carefully managed, it would over time afford a person an “average”(average selling price) home in Los Angeles county, assuming you had the discipline to save a nominal down payment.

What salary do you need to live comfortably in Los Angeles?

$74,371 a yearUsing the 50-30-20 rule for personal budgeting (50 percent of income toward necessary costs like housing and food, 30 percent for “discretionary spending” like entertainment and going out, 20 percent for savings), an Angeleno needs to make $74,371 a year to live “comfortably” in Los Angeles, a study by finance site …

Can you live in LA on minimum wage?

Data analysis from MIT shows how much a household would actually need to earn annually to live in L.A. County. On the new minimum wage, a household with one adult will make enough to earn a living wage in Los Angeles County.

Is 60k a good salary in Los Angeles?

LA is full of good stuff, and 60k is absolutely liveable. I did it at that rate, just watch your debt. Its a fun city and 60k is just enough to make you think you have spending$$ when you really don’t. There’s good food everywhere – and fun to be had for every interest.

What is a livable wage in California?

Californians need a hourly full-time wage of $32.68 to afford a two-bedroom rental home, according to the report published June 13. This figure makes California the second most expensive state, right behind Hawaii at $36.13 an hour.

What can I afford on 40k a year?

The first is that your gross monthly income should be greater than or equal to three times the cost of rent. So, if you make $40,000 per year, you would be able to afford rent up to $1,111.11.

Is 40k a good wage?

$40k is a good salary for a single individual. … I have researched the medium income in the United States and I know that 40K is much higher than what an individual makes, but it’s one thing to think about it, and another to hear a success story from another person.

Is LA a dirty city?

Los Angeles But they also have plenty of litter and pests, making them an all-around dirty place to live and play.

What is the cheapest house in LA?

Cheap Houses and Condos for Sale in Los Angeles County775 Cheap Homes in Los Angeles County. … 1030 E Avenue S, Palmdale, CA 93550. … 1240 W Avenue H1, Lancaster, CA 93534. … 7139 Coldwater Canyon Avenue, Los Angeles, CA 91605. … 5678 Shull Street, Bell Gardens, CA 90201. … 3619 E Avenue R11, Palmdale, CA 93550.More items…

Is $15 an hour a livable wage?

The current federal minimum wage of $7.25 an hour “does not provide a living wage for most American families,” according to the MIT analysis. … Two adults who work 40 hours a week each and earn $15 an hour make $62,400 before taxes.

Can you live comfortably on 40k a year?

21k+ is a very good salary, 40k is excellent. If you’re in a typical household with two people and two kids, earning 18-21k, then you are able to live comfortably – so 40k from two earners would give you a very nice lifestyle. If you’re single and earning 21k+ then you can live very comfortably.

Can you live in LA on 50000 a year?

Yes, you can survive, but you’re not likely going to be able to buy real estate anywhere you would want to live or that seems like the California you may imagine. In Los Angeles County the line defined as low income for 1 person is actually $50,500 annually as of March 2018.

Why is LA so expensive?

When the demand for something is high, prices rise. There is plenty of demand to live in Los Angeles. As a result, everything including rent, food, gas, and utilities is expensive. … Prices vary wildly depending on where you plant roots.

Is LA more expensive than NYC?

While Los Angeles ranks as a bit less expensive than New York City in the majority of the categories, it’s 31% more expensive when it comes to transportation, 16% more expensive for personal care, and 1% more expensive for recreation. … New York City, the most expensive city in the US.

Is 120k a good salary in California?

An annual salary of $120,000 would sound like a pretty good deal anywhere around the world. But that may not always be the case in Silicon Valley, where soaring rent prices and its brutal cost of living make $120,000 look almost average — even though it’s more than double the US median household income.