As Tupac once said, California knows how to party. If you ask most people where they would like to move if they could, New York or California is probably high on their list. California is known as the Golden State because of the rapid modernization of the area as the industrial expansion accelerated by the 1848 gold rush era. And California didn't become a state until 1850. The first Mcdonalds opened in California in 1937. Video games, barbie dolls, the frisbee, and the skateboard were all made in California. And of course, California is notorious for the Hollywood film industry. The point is, California has been at the center of industry for nearly two centuries. Are you planning to move here? What is the minimum wage in California?
If you are planning to move to California, you should have some financial support. California has the highest cost of living in the country when compared to New York City. And the rent in California is astronomical.
When moving to California, you should have a strategically calculated personal budget, strategies for getting jobs, and a plan.
What is the minimum wage in California?
Starting January 1, 2021, the minimum wage in California will increase from $ 12 to $ 13, or $ 14 an hour for the city or district. Possibly the minimum wage in California
In general, any company with 25 employees or less is now paying $ 13 an hour. For businesses with 26 or more employees, the California minimum wage increases to $ 14 an hour.
However, these California cities have mandated the minimum wage increase for the New Year 2021, regardless of the number of employees involved:
San Diego – $ 14.00 per hour
Oakland – $ 14.36 per hour
Daly City – $ 15.00 per hour
Half Moon Bay – $ 15.00 per hour
Petaluma – $ 15.20 per hour
Santa Rosa – $ 15.20 per hour
Richmond – $ 15.21 per hour
San Carlos – $ 15.24 per hour
South San Francisco – $ 15.24 per hour
Menlo Park – $ 15.25 per hour
San Jose – $ 15.45 per hour
El Cerrito – $ 15.61 per hour
Redwood City – $ 15.62 per hour
San Mateo – $ 15.62 per hour
Cupertino – $ 15.65 per hour
Los Altos – $ 15.65 per hour
Palo Alto – $ 15.65 per hour
Santa Clara – $ 15.65 per hour
Belmont – $ 15.90 per hour
Sunnyvale – $ 16.30 per hour
If you are ready to move to California anytime soon, you need to watch out for your finances.
That's because the minimum wage in California is overshadowed by the living wage, despite the rise.
California Living Wage
The minimum wage is the minimum amount prescribed by the state that a company must pay its employees. But the living wage is the amount of money you need to make to live a realistically comfortable lifestyle.
If you are a single adult with no children, the minimum wage and living wage are nearly the same. If you were a single adult with no children living in California, you would have to be making at least $ 32,000 a year to live comfortably.
If you were a single adult living in California with two children, you must be earning a living wage of at least $ 78,000.
Are you a single adult with three children? Then you would need to be earning a living wage of at least $ 100,000 to live comfortably in California.
A working couple with three children would have to collectively earn over $ 104,000 to earn a realistic living wage.
The cost of rent, mortgage, utilities, and consumer goods is much higher in California compared to other states.
Cost of Living in California
Looking to buy a home in California? Good luck with it.
The average price for a home in California is over $ 600,000. The national average for a new home is now $ 320,000.
Looking to buy a home in San Francisco? The average price for a new home in San Francisco is $ 1.3 million.
San Francisco is also known for having the highest rents in the country. The average rent in San Francisco is $ 4,200 per month. In Los Angeles, the average rent is around $ 2,800 per month.
They pay around 43% more for utilities than the national average.
Buying food in California is about 33% more expensive than the national average.
And, relative to your tax bracket, California has the highest income taxes in the United States. If you make more than $ 1 million annually, your tax rate will be over 13.3%.
If you earn $ 58,600, your tax rate is 8%.
You should make sure that the California minimum wage is supportive of you and your family well before you try to move there.
California is the Golden State, but make sure you aren't looking for Fool's gold.
Save money before you want to move
While making sure the minimum wage feeds your California family, you must also make sure you have savings. Here are some savings platforms you can use before you move or while you're in California.
AppFess and Minimum: Best for:
Digit 30-day free trial. Automatically set aside $ 5 per month
Acorns $ 1 per month Save Change Investing.
Qapital $ 3 MembershipLet rules set to automate savings.
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