As the second-biggest city in the U.S., Los Angeles has many perks: its famously beautiful weather, a fabulous food scene, and a packed calendar of sports, music and cultural events are all wonderful reasons to seek the City of Angels.
Los Angeles Inflation
For these and more reasons, you’ll pay a premium if you choose to move to L.A.: according to Payscale, the cost of living there is 54 percent above the national average. Perhaps most importantly, housing expenses in the area fall at a whopping 141 higher than the national average; the median home price is $958,932.
It’s no surprise that it was expensive to move to L.A. before inflation began setting in throughout the country – but unfortunately, inflation has only exacerbated the high costs associated with living in Los Angeles
While your mortgage will undoubtedly be your biggest expense, food, energy and consumer goods still make up a sizable portion of your wallet. According to the U.S. Bureau of Labor Statistics, food prices in Los Angeles have increased 10.3 percent year-over-year – a change which impacts both groceries and your bill at a restaurant.
As opposed to a public transportation-reliant city like Chicago, L.A. almost exclusively relies on cars to get around – making the price of gas directly correlated to month-to-month living expenses. While gas prices are falling nationwide, the average cost per gallon in the area still hovers around $4.23, according to the Los Angeles Almanac.
There’s no doubt that there’s a pretty notable weather discrepancy between Chicago and its Californian counterpart. That said, for those willing to embrace all four seasons, Chicago’s lower cost of living offers a reward: according to payscale, it’s 119 percent lower than LA. Additionally, living in a more condensed city makes life more convenient – neighborhoods are easier to navigate, and public transportation makes getting from A to B a breeze without LA’s infamous traffic.
If you’re considering purchasing your next home or condo in Chicago, our Luxury Living agents are here to make the process a breeze.
For a deeper dive into the effects of inflation across the U.S., follow the link below.
