A new report by the Transparency Foundation says middle-class families are facing a particular hardship in California because of the high cost-of-living expenses.
Middle-class families in California are getting slammed with an "unreasonable" cost-of-living-penalty for simply residing in the Golden State, according to a new report. According to data from the Transparency Foundation's Cost of California Report, a typical middle-class family of three earning $130,000 a year faces a financial burden of more than $26,000 because of higher living expenses.
The group estimated that the total monthly cost of living in California is just over $9,200. Meanwhile, the total monthly cost of living if paying national averages would be $7,034.87, the report said. Not only do middle-class families face a penalty of $26,478.72 versus if they simply paid the national average costs in each category, but the report said they will also end up running an annual deficit of $23,710.20.
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