The average housing price in California is above $793,000, which may discourage people from pursuing their ambitions of relocating to the Golden State. This is particularly valid in light of the fact that the US median home price is $386,000.
Even while California is home to a number of extremely wealthy cities, there are still some reasonably priced locations there with housing costs that are lower than the national average.
Indeed, the most affordable and underappreciated place to live in California is ideally placed for day trips to either San Francisco or Los Angeles, boasts a Mediterranean climate, and an agriculture-based economy. Here are some things to know about living in Fresno, the most reasonably priced city in California.
Fresno: City With the Most Affordable Housing in California
Fresno is the ideal location for anyone searching for an inexpensive place to call home in California. This is due to the fact that a property in Fresno typically costs $385,000.
As a result, there are homes in the low to mid-seven-figure range as well as some that are considerably more inexpensive.
If you’re looking to rent rather than buy a house, California boasts one of the greatest rental markets. This is due to the fact that the median monthly rent for a one-bedroom apartment is $1,337, a 4% decrease from the previous year.
It’s unclear, though, how long these pricing will last. This is due to the fact that Fresno now has 548,687 residents, an increase of 1.15% from 2020.
Read More: California is Home to an Abandoned Town Most People Don’t Know About
Minimum Wage Living In Fresno
In Fresno, one can survive on the minimum wage, in contrast to many other parts of California where it is typically required to have two or more sources of income.
California now has a minimum wage of $16.00 per hour. Although there are higher minimum wages in certain locations, Fresno’s is the same as the state’s. The yearly compensation for full-time employees is $33,280.
Residents would need to work 69.5 hours a month just to afford rental housing. This would require dividing the remaining compensation for the hours worked between utilities, groceries, medical expenses, and transportation.
Many Fresno residents find that using public transit instead of driving a car makes more sense. This is because people who use public transportation can save up to $1,100 a month after deducting the savings from insurance and gas.
Living on the minimum wage in Fresno is difficult, but it is possible. an action that is not possible in other parts of the state.
Read More: Stay Informed: A Guide to the Latest Rental Laws in California
Fresno Sales Tax
California is not renowned for having a low sales tax. The sales tax in the state is significantly higher than the national average, which is 5%, with a state average of 7.25%.
However, the average indicates that other Californian cities have much higher rates. As a result, the budget is not quite as generous.
Sales taxes in cities like Oakland, Long Beach, and San Leandro are 10.25%, 10.75%, and 10.75%, respectively. The sales tax in Los Angeles is 9.50%.
When nearly 11% of every transaction is tacked on as a tax, these taxes can result in a sharp increase in living expenses.
The sales tax in Fresno is still higher than in most other states in the union because it is located in California. With its 7.98% sales tax, Fresno has one of the lowest state sales tax rates.
Although taxes on purchases can still mount up, monthly spending in the “Raisin Capitol of the World” can be far lower than in other regions of California.
Read More: Where to Settle Down: 5 Best Places for Families in California
Final Words
For people who cannot afford to live in other parts of the Golden State, Fresno presents an alluring alternative due to its accessible major cities, more cheap housing market, and reduced cost of living.
Living on minimum wage may necessitate careful planning and taking public transportation, but Fresno makes the California dream more feasible.
Thus, if cost is a top priority, Fresno may be the undiscovered treasure you’ve been searching for. Just keep in mind that it might be best to act now rather than later due to growing home costs.
