Quick Answer: Can You Live In LA On 40000 A Year?

Can you live in LA on minimum wage?

NO!!.

Originally Answered: Can you live in Los Angeles on minimum wage.

Only if you are living with several other people such as relatives.

You cannot live by yourself on minimum wage unless you are homeless..

Is making 50k a year good?

As you can see, a salary of $50k is considered good money. However, there is ample room for improvement if you want to improve your situation. The average household income is approximately $63k. Therefore, a salary of $50k is considered below average.

Can you live off of 35000 a year?

You Too Can Live on $35,000 It is easier to save for retirement, pay off debts, and take exotic vacations with a high income. But a little planning and a positive mindset make it easy to live on a smaller income.

Is 80k a lot of money?

If you are living in a rural area, especially on the south or midwestern US, 80K is pretty good salary. … Some careers offer 80K as a starting salary, but on average it will take a good few years of work experience, higher education, or at least a manager level job, to make that money.

How much money is enough for a family of 4?

According to a recent Gallup survey, most American families believe a family of four would need at least $58,000 per year to “get by” in their communities. That’s more than the median household income, which came in at $55,775 a year in 2015.

What is a livable salary in Los Angeles?

Living Wage Calculation for Los Angeles County, California1 ADULT2 ADULTS (BOTH WORKING)0 Children3 ChildrenLiving Wage$14.83$24.98Poverty Wage$6.00$7.25Minimum Wage$12.00$12.00

Can you live comfortably on 40k a year?

The widely reported ASFA Retirement standard suggests a single person can enjoy a ‘comfortable lifestyle’ on around $44,000 a year. For couples, $40,000 provides a more modest standard of living, albeit it a little more comfortable than the Age Pension alone.

Can you live off 50k a year in Los Angeles?

Yes, you can survive, but you’re not likely going to be able to buy real estate anywhere you would want to live or that seems like the California you may imagine. In Los Angeles County the line defined as low income for 1 person is actually $50,500 annually as of March 2018.

Can you live on $30000 a year?

The average percentage you should pay on rent is 25 to 30 percent of your salary. And this should include the taxes and other monthly home costs such as homeowners and renter’s insurance. It means that to live on $30,000 a year, you have to spend no more than $625 to $750 a month on housing.

What is a good salary in LA?

The website Gobankingrates.com jumped in and did the math for us in their piece, “How Much Money You Need to Live Comfortably in the 50 Biggest Cities”. They calculated an annual income of $74,371 was about right for the average person to live comfortably in Los Angeles.

How do people live on $30000 a year single?

How to Live Surprisingly Well on Just $30,000 a YearKnow what you can afford to spend. … Take advantage of meal prepping. … Be open to different forms of transport. … Financial assistance is available. … It’s possible to find an affordable phone plan. … You can find some great deals thrift shopping. … Some movie theaters have discount days. … You can also work out at home.More items…•

How much money does the average 27 year old have?

So, what that means is, if you want to be “better” than average, the 50% mark is $10,500 overall….Average Millennial Net Worth By Age.AgeAverage Net Worth27 (Class of 2014)-$14,44726 (Class of 2015)-$18,98825 (Class of 2016)-$23,70424 (Class of 2017)-$28,70613 more rows•Sep 12, 2020