"To gain insight into California costs, my trusty spreadsheet reviewed detailed consumer spending statistics from the Bureau of Economic Analysis. These numbers allow us to track key components of household expenses in 2024 for the 50 states and the District of Columbia. It's calculated per resident, so much like an average, the biggest and smallest spenders can influence the results."
"California's overall consumer spending in 2024 equaled $65,340 per resident, the fourth-highest among states. That was $8,640 more than $56,700 spent nationally. Most of California's extra spending was tied to buying services - and this math sees housing as a service. Californians spent $46,360 for services per resident, the third-highest level among the states. That was $8,070 extra compared to the nation's $38,290."
"California's lofty spending isn't just about the state's high cost of living. Do not forget the state's substantial earnings, which also contribute to increased spending. Consider the personal income per resident yardstick, the bureau's comprehensive measurement of all types of incomes, including those from jobs, businesses, investments, and government assistance. California's $86,300 personal income per resident ranked fifth-highest among the states for 2024 - and was $13,100 above the nation's $73,200."
California's per-resident consumer spending in 2024 was $65,340, the fourth-highest among states and $8,640 above the national $56,700. Most of the extra spending went to services, with housing treated as a service, as Californians spent $46,360 per resident on services, $8,070 more than the national $38,290. Goods spending was much closer to the national norm at $18,980 per resident, only $570 above the $18,410 national level, supported by a competitive retail market, online shopping, and a large agricultural industry. Personal income per resident was $86,300, fifth-highest and $13,100 above the national $73,200.
Read at The Mercury News
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