By Ross Lenihan
The City of Los Angeles has a median household income of $49,682. Unfortunately for Angelinos, a new study by GOBanking Rates finds that households need around $74,000 a year to live “comfortably,” meaning safe housing and food, savings, and recreation and entertainment. That’s a gap of about $24,000.
While the study does not pinpoint how much Angelenos currently spend on different categories of goods we do know that rent is likely the #1 reason people do not have adequate savings or money for fun, social activities.
Similar gaps persist in other large metro areas (think San Francisco, New York, Washington D.C., etc.), which means far too many Americans are trying to get by on far too little. Think of it as one more reason why organizing and unionization are just as relevant today as they have been throughout the nation’s history.
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