If you make anywhere near the median income in Los Angeles, you are not living comfortably.
You probably already know that.
But just in case, the site GOBankingRates recently figured out “How Much Money You Need to Live Comfortably in the 50 Biggest Cities.”
In Los Angeles, that figure is $74,371 for household income.
That sounds reasonable until you realize that the individual median income for L.A. County is $28,555. The median household income is $53,482.
More than one in 10 Angelenos lives in poverty, the U.S. Census says. That number could be higher if we considered our high cost of living when calculating poverty data, Census officials have said.
“Los Angeles residents face high costs of living, which means living comfortably requires a higher income — $24,689 higher than the city's median income of $49,682,” GOBankingRates stated.
So if you just adopt a median-income worker or two for your family, you might be set.
The site looked at rent, groceries, utilities, transportation and healthcare in the country's 75 largest cities to come up with its estimates.
GOBankingRates says a formula where 50 percent of your income covers “necessities,” 30 percent is for “discretionary” purchases and 20 percent goes to savings is the basis of living comfortably.
To which you all laughed. Yes, in L.A., half of your income goes to rent. We know.
But just think, comfort is only thousands of dollars away.