We all know California is a very expensive state in which to live, but did we realize quite how expensive? Between state income taxes and cost of living, a resident in either San Francisco or Oakland has a purchasing power of $62,371 after these two factors are taken into account.
In fact, California has eight of the top (bottom?) ten metro areas where salary is the most diluted including Loos Angeles, San José, Santa Ana, Anaheim, Long Beach, and Irvine.
Yes, inflation is down, the Federal Reserve has cut the interest rate (with, hopefully, more to come), and more houses are on the market. Still the living is not easy so it’s always nice to know areas where your dollar stretches a bit farther
These states – all in the South and Midwest – have the lowest cost of living. The median home price is also included.
In case you’re wondering, California has the highest cost of living at more than 12% above the national average.