If you are considering a move to the Los Angeles area, it is important to know what the average living cost in Los Angeles, California is. This will ensure that you aren’t surprised by what you’re spending on your new home. If you are unfamiliar with the expenses and housing costs of the area, All Service Moving is here to help! Our team has nearly 20 years of experience in providing relocations all throughout the area and would love to share some of the insights into the cost of living in Los Angeles.
Let’s address how housing plays into the LA cost of living. This can greatly vary when comparing ownership of a home to renting from another person, so we will address both here. When it comes to renting, it is important to understand that the median cost of living in LA rentals is roughly $2,600. While this is not a set number by any means, over 70% of LA homes are being rented for over $2,000. This means coming in and understanding the general amount that will be spent is a must. It is possible to find rentals that are in a more affordable range, but it will likely mean living in one of the surrounding towns, not in LA proper. For people looking to invest in property by buying a home, the rising cost of living in LA can be a double-edged sword in that while the initial buy-in will be expensive, you can expect your home’s value to go up very quickly. With homes currently being valued at roughly $950,000 and there being a historic year-over-year rise of about 17% in home values, it is an amazing opportunity if you have the means.
The cost of living in Los Angeles includes so much more than just the prices of homes and the cost of rent in the city and its surrounding area. In order to get a proper understanding of what residents are paying, you should also get a breakdown of what other expenses they have. The Los Angeles cost of living may have a reputation for being high, but when you consider what these same costs are in the entire state of California, it is actually only a bit higher than in many other places. In fact, there are many expenses that actually are lower in this area than they are for other average Californians! Things such as groceries, health, and utilities will be lower here than they would be when comparing the cost of living in Los Angeles to the average for all of California.
If the Los Angeles cost of living sounds ideal to you and you decide to plan a relocation to the area, whether you are a family or commercial business, then be sure to consider the All Service Moving team in Los Angeles! Our team offers services of all kinds along with our relocation packages and would love to be a part of your next move. Start planning your move today or reach out to our team to learn more. Be sure to also read some of our other articles to learn more about all things relocations.