Are you debating about relocating your family to long beach in southern California, and are you worried about the cost of living in this new place? Then this article is for you. Long Beach is well known for countless beach days, lots of sunshine, and cycling around the town with your family and friends. However, if you are planning to relocate to this sunny city, I know your essential determination is to get adequate information about the cost of living in the new place.
Whether it’s your monthly mortgage or rent you are paying, a large chunk of your income goes towards your housing expenses every month. Besides, one of the significant expenses that directly influence the cost of living is the cost of housing. This article will discuss the cost of living and what influences it in Long Beach, California.
What is the cost of living in long beach, California?
It is good to know the cost of goods and services varies from one city to another. For instance, if you desire to live in Long Beach, California, your cost of living will be 43% higher than the national average.
The cost of living in any area remains measured by several factors such as your average salary, housing, cost of utilities, rent, food, entertainment, and your career.
• Cost of owning a house Long Beach California
As a suburb of Los Angeles, Long Beach is a convenient place to be. The city offers a reasonable median home price of $805327 when you call for an offer. For instance, if you want to Sell My house fast, it should go for $570 sqft on average.
The price is more affordable in comparison to other places in LA. It is also easy to get a neighborhood when you temporarily or permanently settle in this area. You also get to enjoy the Belmont shores, which sit on the Pacific Ocean, a perfect place to be for any person looking to live on a beachside.
Long Beach provides a walkable community such as Park estates, east village, and other places with a low crime rate and beautiful modern homes if you are a family person.
The indexed cost of living estimates that Long Beach’s housing cost is 230.1 % on average, which is why the city is one of the most expensive places to live in the US.
• Livable salary in the Long City
You can use median household income in a city to gauge the living standard of its people. In most houses, the average income for an individual is $35243; this figure is 4% less than that of people living in other states. For instance, the average pay for the resident of Long Beach is $63 017, which is 16% less than that of other states in the US.
It is advantageous for a person to understand all the expected costs to determine whether their salary is livable in Long Beach. Besides, to get the minimum wage needed to live in this sun city, you must sum up your daily expenses, debt expenses, monthly housing-related costs, and saving objectives. Also, to assess your house affordability, you can use the 28% rule or the 50-30-20 rule. The two plans ensure your net income covers all you need, enabling you to live in comfort.
• Average cost of rent
House rent is generally the highest monthly cost that you should account for with caution. For example, if you intend to relocate to Long Beach-Glendale Metro division to live in a two-bedroomed house, you will part with $2717. This amount is 132% higher than the average rent across the US. However, these prices also vary significantly depending on the place you decide to stay.
• Utility Cost
Long Beach predominately remains made of middle-income earners, with fewer affluent residents than other cities in the US. Living in this city increases your utility expenses by 8%, while grocery prices are 12% more than the national average. A resident family raising at least three kids and who want to live comfortably in Long Beach, needs to earn more than $70 an hour to meet all the expenses with ease.
• Transportation
On most occasions, you will need public transport to transit to work. Transportation cost cannot be assumed and is the second-highest expense you will incur after housing. When you choose to drive your car, you must factor in the price of car parking, gas, tolls, and repairs. The gap between your area of work and where you live is crucial as it reduces or increases your cost of living.
Besides you can save more than $1000 annually if you use public transport instead of driving yourself. As a result, this action translates to more reduction in the cost associated with car repair and maintenance. Public transport reduces the stress of looking for somewhere you can park your car. Also, some companies offer their employees transit passes.
In addition, this sun city is the most bike-friendly city to live in the US. As a local, you take full advantage of this. You can take advantage of using your bike or scooter to transit across the city. However, it is good to own a car that you can occasionally use to drive across town once in a while.
• Entertainments
Depending on the place you live and the state you work, the price of a movie depends on the neighborhood you are living in. Research shows that many Americans will spend an almost equal amount of money on their health insurance as with entertainment.
Summing up the cost of living in Long Beach California
When debating a Sell My House quote in Southern California or rent out, it is good to understand the cost of living you choose to live in; there are many factors we mentioned above, such as employment status and income. That is why Long Beach’s living cost is estimated to be 146.6 of the national average. The city remains ranked 12 out of 273 in terms of the expense of living, making it one of the most expensive beach towns in the nation. For more informational blogs, check out the call for offer blogs.