The Bay Area is the most expensive place to live in California for families and single people alike, a new study shows.
In "Making Ends Meet: How Much Does It Cost to Raise a Family in California?" the California Budget Project estimated two working parents raising two children in the nine-county Bay Area would need to make $79,946 annually to stay afloat.
In comparison, the statewide average annual income for a similar household was placed at $71,377, according to CBP Executive Director Jean Ross.
Ross said the CBP used "bare-bones expenditures" including housing, utilities, child care, transportation, food, health coverage, taxes and other miscellaneous expenses to calculate the incomes.
However, according to Ross, other expenses like saving for retirement and a child's college education, cable television, vacations, and purchasing a house rather than renting were not factored into the mix.
"This study strives to paint an accurate picture of the basic cost of living in California and the economic challenges facing many working families," Ross said. "It shows that making ends meet is virtually out of reach for millions of families in the state."
Ross said the incomes the CBP calculated were not meant to be a reflection of the rock-bottom cost of living in California, but rather the middle incomes that are above the poverty line but would still benefit from public aid.
A Bay Area family of two children with one working parent needs to make $55,740 annually, while statewide the income for a family with one working parent is $51,177, the CBP reported.
Single parents need to earn an annual income of $62,969 in the Bay Area, and the state average for a single parent is $53,987, according to the CBP.
Finally, a single adult needs to earn $27,901 if they are living in the Bay Area, but the statewide average came out to $25,867, the CBP reported.
http://www.nbc11.com/money/5031994/detail.html
In "Making Ends Meet: How Much Does It Cost to Raise a Family in California?" the California Budget Project estimated two working parents raising two children in the nine-county Bay Area would need to make $79,946 annually to stay afloat.
In comparison, the statewide average annual income for a similar household was placed at $71,377, according to CBP Executive Director Jean Ross.
Ross said the CBP used "bare-bones expenditures" including housing, utilities, child care, transportation, food, health coverage, taxes and other miscellaneous expenses to calculate the incomes.
However, according to Ross, other expenses like saving for retirement and a child's college education, cable television, vacations, and purchasing a house rather than renting were not factored into the mix.
"This study strives to paint an accurate picture of the basic cost of living in California and the economic challenges facing many working families," Ross said. "It shows that making ends meet is virtually out of reach for millions of families in the state."
Ross said the incomes the CBP calculated were not meant to be a reflection of the rock-bottom cost of living in California, but rather the middle incomes that are above the poverty line but would still benefit from public aid.
A Bay Area family of two children with one working parent needs to make $55,740 annually, while statewide the income for a family with one working parent is $51,177, the CBP reported.
Single parents need to earn an annual income of $62,969 in the Bay Area, and the state average for a single parent is $53,987, according to the CBP.
Finally, a single adult needs to earn $27,901 if they are living in the Bay Area, but the statewide average came out to $25,867, the CBP reported.
http://www.nbc11.com/money/5031994/detail.html
cool place to visit. Not financially wise to live there.
