Start saving: Cost of living in SoCal is rising

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Tuesday, October 29, 2019
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Rent and gas prices are rising in Southern California. Financial Advisor Cory Chapman suggests budgeting with goals in mind.

The cost of living is climbing in Southern California.

Two out of three people in Los Angeles are renters. Most just can't afford a house.

That compares to 35 percent in the rest of the country.

Rents have gone up 22 percent in the past three years.

"In Los Angeles we have an economy that is extremely expensive to live in," said Financial Advisor Cory Chapman.

Gas prices have risen too.

The cost of gas is between $4 to $5 a gallon. The rest of the country is paying about $2.50.

But there are ways to trim those expenses, you have to start early and make a plan to figure out your spending.

"We have a hard time dealing with budgeting, think of it as a spending plan to help you hit the goals that you are trying to achieve," said Chapman.

All week long at 4pm, ABC7 will bring you some simple solutions for saving here in Costly Southern California.

How are you feeling about the cost of living in Southern California?

Take the survey below to see how you compare to the responses from participants of the SurveyUSA poll.