Unless you’ve moved from one city with a high cost of living to another with a low cost of living, you might consider how much you pay in rent, how much you spend on groceries each week, and so on. In this article, we’ll be showing all you need to know about California Vs New York’s Cost Of Living.
What is ‘Cost of Living’?
One of the most important decisions to make before relocating to a new city or town is how much it will cost to live there. The “cost of living” is the amount of money required to maintain a specific lifestyle in a given location.
Because the cost of goods and services varies from city to city, calculating the cost of living determines how affordable it is to live in a specific area.
Housing affordability, transportation costs, food prices, and entertainment costs are all expenses that contribute to the cost of living.
What Is The Breakdown Of The Cost Of Living?
Below are some of the breakdowns of the cost of living:
1. Housing Costs
According to the United States Bureau of Labor Statistics, the largest monthly bill consumers pay is for housing. Whether you have a mortgage or rent, much of your monthly income will go toward housing expenses.
State to state, city to city, town to town, and even neighborhood to neighborhood, home prices, property taxes, and monthly rents differ.
There are more expenses to consider for homeowners than just the monthly mortgage payment. When deciding where to live, you must also consider maintenance, upgrades, taxes, and fees.
Unless you are fortunate enough to be able to work from home, you will need to consider transportation costs when deciding where to live.
Transportation is the second-largest expense for consumers, according to the BLS. Taking public transportation is one of these costs for some.
For others, it entails driving your car, which entails budgeting for car repairs, gas, tolls, and parking. The proximity to your place of employment is an important consideration because it can have a significant impact on your cost of living.
Weekly grocery trips can add up, especially if food prices are high where you live. According to the most recent BLS data, consumers spend more than $7,000 per year on food.
There are ways to reduce that. You could eat out less, order less takeout, and cook more frequently. Even so, the cost of groceries will have a significant impact on your cost of living.
A movie ticket, a pint of beer, or box seats at a baseball game can all vary in price depending on where you live. And it all adds up.
According to the BLS, Americans spend nearly the same amount on entertainment as they do on health insurance each year.
You can save money on entertainment by changing your behavior, just like you can save money on food.
What is a Cost-0f-Living Index?
A cost-of-living index allows you to compare how much it costs to live in one area to another, allowing you to see how far your money can go in each location.
The cost of living in San Francisco, for example, is twice that of Boise, Idaho. Using a cost of living index or a cost-of-living calculator will help you feel more confident in your decision about where to live.
California Vs New York Cost Of Living
Until I switched coasts, moving from New York City to Los Angeles. Aside from the weather and cultural differences (subways vs. convertibles, avocados vs. bagels, real stay-at-home parents of New York vs. Beverly Hills).
It was also a financial wake-up call about how many locations, location, and location affects your bottom line.
Food and Drink: California Vs New York
There are many variables to consider. Foremost, you have groceries. California easily wins here. In Manhattan, a box of Special K used to cost $5.15. That same box now costs $3.95.
The same is true for alcohol ($9.99 for a six-pack of Corona vs. $6.99) and cleaning supplies ($5.99 for a bottle of Tide in New York vs. $4.99 in Los Angeles).
However, fast food is a specialty of New York City. Yes, there are fantastic, healthy options that won’t break the bank here in California, but no city in the world offers the quantity, variety, and low prices of grab-and-go food like Manhattan.
Transportation: California Vs New York
This one is bound for Manhattan. As a native New Yorker, I walked to work every day for free. Even if I had to commute, I would have taken the subway, which costs $104 per month and is unlimited.
Meanwhile, in California, the monthly car payment is $205 (which is very low compared to most), plus $117 for car insurance. We’re already at $322 per month, and that doesn’t include the exorbitant cost of gas.
Every two and a half months, I fill up my Jetta. With gas at $4.35 a gallon, that works out to about $56 per tank, or an extra $120 in gas per month!
Housing: California Vs New York
I know your jaw dropped if you live in a part of the country where housing costs are reasonable, but trust me when I say that was incredibly low for Manhattan
My kitchen, living room, and dining room all occupied the same 1010 square feet (kitchdineliveroom?). I spent the same $1,000 when I moved to LA, but this time it got me a 1214-foot bedroom in a massive house with a backyard.
The spending is the same dollar for dollar, but the value is incomparable. California had much more affordable housing options.
You’ve been able to know California Vs New York Cost Of Living. That’s not the same as saying California is “cheaper” than New York. They’re both expensive cities with a higher cost of living than most other places in the US.
However, what you can get for your money on the West Coast is simply more than what you can get on the East Coast. To achieve this, keep your car costs low and live outside of popular neighborhoods in town.
if you play your cards right, you can live an incredibly comfortable life with a herb garden, a lemon tree, and an insanely low electric bill.
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