Californians are struggling to make ends meet due to the state’s high living costs. Recent studies have found that buying a home is astronomically expensive, with mid-tier homes costing over twice as much as in other states. Monthly payments for such homes run about $5,500, and qualifying for a mortgage requires an annual income of nearly $221,000. This leads to a low rate of home ownership, with only 55.3% of Californians owning their own homes. Many residents are leaving the state for more affordable options like Texas. The cost of living is also sky-high, with fuel and utilities costing significantly more in California compared to other states. In fact, households are adding over $880 in new debt each month, increasing the total owed to nearly $3.2 trillion.
A recent study by WalletHub found that Californians are taking on more debt to pay their rising bills. Meanwhile, a traditional Thanksgiving dinner for 10 people will cost a California family $72.61, much higher than the national average of $55.18. The state’s politicians have been criticized for imposing policies that unfairly punish residents and drive up costs. A new poll by the Public Policy Institute of California reveals that nearly a third of respondents reduced food purchases to save money, highlighting the economic struggles faced by many Californians.
Source: https://smdp.com/opinion/a-spate-of-new-studies-gives-the-lowdown-on-californias-sky-high-living-costs