CALIFORNIA: Cost of Living

399 Views | 7 Replies | Last: 1 day ago by Cal88
DiabloWags
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11% higher than the national average.
Followed by NJ at 8.2%, HI and WA at 7.9% and MA at 7.6%

Arkansas is the cheapest at - 15.6% less than the national average with Mississippi next at - 14.5% followed by South Dakota (-13.5%), and Louisiana (- 13.3%) and Oklahoma (-13.3%)

Florida was the 11th most expensive.
Texas the 21st.


DiabloWags
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Payday plus

Sky-high expenses are somewhat offset for the typical Californian thanks to their employer's generous pay.
Ponder that the state's per capita income in 2023 ranked sixth-highest at $81,300. The typical US income was $69,800 14% less.

The states with better pay than California were Massachusetts at $90,600, Connecticut at $89,900, New York at $82,300, New Jersey and Wyoming at $82,100.

At the other end of the paycheck spectrum, Mississippi had the lowest income at $49,700, followed by West Virginia ($52,800) and Alabama ($54,200), New Mexico ($55,300), and Kentucky ($55,400).

Texas was No. 24 at $66,300. Florida was No. 19 at $68,700.

The taxman


California's incomes are also challenged by the fourth-highest tax burden, according to BEA math.

California's effective tax cost for 2023 that's personal taxes paid as a share of income, per capita was 14.9% vs. the nation's 12.2% rate.

New York was No. 1 with 16.9%, followed by Massachusetts with 16% and Connecticut with 15.4%. Maryland was No. 5 with 14.2%.

Conversely, Mississippians pay the lowest taxes at 7.7% of income. Alaska follows at 7.9%, South Dakota at 8.1%, Oklahoma at 8.4%, and Tennessee at 8.5%.

Florida was 23rd highest at 11.3%, but Texas was eighth-lowest at 9.2%.

Bottom line

Ponder next a yardstick of a Californian's relative buying power compared with other states.

Take those lofty paychecks, minus the elevated cost of living and taxes, and you get a relative spendable income of $61,400 for each Californian in 2023. That's a middling 26th-best among the states and just $100 above the nation's $61,300.

Jonathan Lansner for the Southern California News Group.

Is California living worth the costs and taxes? The Mercury News

82gradDLSdad
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DiabloWags said:

Payday plus

Sky-high expenses are somewhat offset for the typical Californian thanks to their employer's generous pay.
Ponder that the state's per capita income in 2023 ranked sixth-highest at $81,300. The typical US income was $69,800 14% less.

The states with better pay than California were Massachusetts at $90,600, Connecticut at $89,900, New York at $82,300, New Jersey and Wyoming at $82,100.

At the other end of the paycheck spectrum, Mississippi had the lowest income at $49,700, followed by West Virginia ($52,800) and Alabama ($54,200), New Mexico ($55,300), and Kentucky ($55,400).

Texas was No. 24 at $66,300. Florida was No. 19 at $68,700.

The taxman


California's incomes are also challenged by the fourth-highest tax burden, according to BEA math.

California's effective tax cost for 2023 that's personal taxes paid as a share of income, per capita was 14.9% vs. the nation's 12.2% rate.

New York was No. 1 with 16.9%, followed by Massachusetts with 16% and Connecticut with 15.4%. Maryland was No. 5 with 14.2%.

Conversely, Mississippians pay the lowest taxes at 7.7% of income. Alaska follows at 7.9%, South Dakota at 8.1%, Oklahoma at 8.4%, and Tennessee at 8.5%.

Florida was 23rd highest at 11.3%, but Texas was eighth-lowest at 9.2%.

Bottom line

Ponder next a yardstick of a Californian's relative buying power compared with other states.

Take those lofty paychecks, minus the elevated cost of living and taxes, and you get a relative spendable income of $61,400 for each Californian in 2023. That's a middling 26th-best among the states and just $100 above the nation's $61,300.

Jonathan Lansner for the Southern California News Group.

Is California living worth the costs and taxes? The Mercury News


Interesting, thanks.
LudwigsFountain
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"Take those lofty paychecks, minus the elevated cost of living and taxes, and you get a relative spendable income of $61,400 for each Californian in 2023. That's a middling 26th-best among the states and just $100 above the nation's $61,300."

This is just a hunch, but I bet the top earners in California (say the top 10%) do better than the average top 10% for the nation, while those in the middle and bottom do worse.
concordtom
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I heard someone today say

"People think when they get a wage increase it's because they earned it, but when prices of goods goes up it was something that was done TO them."

bear2034
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California Business Owners Blindsided by Surprise Payroll Taxes After Newsom, Democrat Legislators Failed to Repay Federal Government Loan on Time
going4roses
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Not questioning or justifying but the livable wage is between 40-60k that's what it takes to perhaps break even annually in CA.

What percentage of Californians don't make that ? That work 40+ a week ? They are relegated to a life of poverty/ staying poor and broke for an entire life span …. Not to forget the poor tax l hidden costs. Bleak out comes for how many people statewide ??? Random from an ethnography perspective 2-5 million perhaps more (including those whom make less than 40k ) that's a lot potential for known and unknown outcomes
Tell someone you love them and try to have a good day
Cal88
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DiabloWags said:

11% higher than the national average.
Followed by NJ at 8.2%, HI and WA at 7.9% and MA at 7.6%

Arkansas is the cheapest at - 15.6% less than the national average with Mississippi next at - 14.5% followed by South Dakota (-13.5%), and Louisiana (- 13.3%) and Oklahoma (-13.3%)

Florida was the 11th most expensive.
Texas the 21st.




This stat is almost meaningless, because it does not take into account housing costs. The rest of the stuff is a bit more expensive in CA, but housing in coastal urban areas is on another planet compared to most of the rest of the country.
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