Raising a family could cost less than living alone in California, study says [Video]

SAN DIEGO (FOX 5/KUSI) — California may be one of the top most expensive places to live in the U.S., but raising a family in the Golden State could cost relatively less than living alone. That’s according to a recent study conducted by SmartAsset, a financial technology company.

The study used the 50/30/20 budget rule and the MIT Living Wage Calculator to determine the cost of living in each state across the country, using the most recent data from February to analyze the cost of necessities, transportation and other miscellaneous items.

The 50/30/20 rule means setting aside 50 percent of your income for basic needs like housing, healthcare, and groceries, 30 percent on “wants” like travel expenses or shopping, and 20 percent on savings or bills.

According to SmartAsset and using the budget rule, the recommended income for two working adults raising two children in California is $276,723. It ranks fifth on the list of most expensive states for a family of four to live comfortably.

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