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the median 70k a good salary in california? Well, to start off, the 70k a good salary in california is measured against different metrics. Actually, salary is better measured against cost of living and other details.
70k is a good salary in California, but it depends on where you live. In some places, 70k can be a great salary, while in others it might be on the low side.
The median household income in California is $67,735, according to the US Census Bureau. This is slightly lower than the national average of $61,372.
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Is 70k a good salary in california
Introduction
The question “is $70k a good salary in California?” is one that we at Budgeting For Noobs would love to answer from both financial and lifestyle perspectives. Because the state is so large, the cost of living can vary significantly from one metropolitan area to another. For example, you might be able to afford a huge house on $70k in Salinas or Bakersfield, but you’ll have to do some creative budgeting with this income if you live in Los Angeles or San Francisco. In addition to talking about how far your money will go as an employee in CA, we’ll also cover what kind of taxes you should expect to pay when making $70k in California. Keep reading for all these answers and more!
$70,000 a year is not considered a low income in California. Many California residents earn millions of dollars per year and still feel strapped for cash. This is partly due to the high cost of living in California.
The median income for a household in the United States is $56,516. For a family of four, it’s $64,784. In California, the average household income is $77,371 and the average family makes about $88,926 per year.
For comparison’s sake: A California resident earning an annual salary of $70K would be considered quite wealthy by national standards but still not rich enough to afford much more than a modest home or apartment in most parts of this state (though they could afford to pay their rent). The median home value in California is roughly $524K—over three times larger than what someone earning minimum wage would earn in one year if they worked 40 hours per week at full capacity.
While it’s possible that some residents may choose to save most or all of their income each month because they’re trying to build up their retirement funds—or perhaps they have student loans or other significant debt that needs paying off before they can feel comfortable buying things like cars and homes—most people living here probably spend more than half their earnings each month on basic necessities such as food, clothing and transportation expenses (i..e., gas).
The median household income in California was $71,805 in 2018, ranging from a low of $43,785 in Imperial County to a high of $96,667 in Marin County. The U.S. median household income was $59,039 from the same year and census area.
As of 2018, the median household income ranges from $71,805-$96,667. According to the San Francisco Chronicle, Marin County has one of the highest costs of living in the state. Residents must earn over $150k per year to live comfortably there.
As of 2018, the median household income ranges from $71,805-$96,667. According to the San Francisco Chronicle, Marin County has one of the highest costs of living in the state. Residents must earn over $150k per year to live comfortably there.
According to California’s Department of Finance website, as of 2017 there were an estimated 42 million people living in California and a total population density was estimated at 439 people per square mile. This number does not include residents who live in Los Angeles County (which accounts for about 20% of all Californians). To put this into perspective: New York City has a population density at 1,619 people per square mile; Philadelphia has 1 million fewer people than Los Angeles but a density that is double that of L.A.’s (2,857 persons per square mile).
The median California household income is about 70k a year. You may have heard that it’s more like 80k, but this is just not true for most families. The median household income varies widely by county, and in some places it’s much lower than the statewide figure—in Santa Barbara county it’s only around 50k per year.
If you think your household might be higher-income than average, then you should probably be looking at closer to 90-100k if you want to live in one of those nicer neighborhoods with great schools that are close to work or public transit. If you want your children to go private school then 120k would be more appropriate—though they won’t need nearly as much cash if they go somewhere like Harvard or Yale!
Conclusion
At the end of the day, it’s important to remember that salary isn’t everything. There are other things in life worth considering when deciding where to live and how much you’re going to need for a comfortable lifestyle. If you value your time outside of work, then maybe location is more important than money. If having time with family and friends is a priority, then perhaps working from home or moving closer might make more sense than taking on more hours at a job where you don’t have good work-life balance.
