13 facts about Los Angeles that will make you think twice about whether you can afford to live there

Los angeles californiaShutterstockThe median home price in this glamorous city is $US420,300.

From iconic music venues and the mansions of Beverly Hills to mouthwatering Korean barbecue joints, Los Angeles is an exciting place to be.

If you’re thinking about making the move, it might be a good idea to crunch some numbers: Like most cities, the cost of living in Los Angeles is high.

We rounded up a series of facts about the true cost of LA life to give you an idea of just how pricey it can get:

The estimated cost of annual necessities for a family of four is $73,887 -- or $6,157 a month.

Shutterstock
Downtown Los Angeles.

Annual necessities for a four-person family -- two adults, two children -- include costs of housing, food, child care, transportation, healthcare, other necessities, and taxes. They do
not include savings or discretionary spending.

Source: Economic Policy Institute's 2015 Family Budget Calculator

The median home price is a steep $420,300.

Shutterstock/Jon Bilous
The Venice Canal Historic District.

Compare that to the median home price in the US: $US212,400.

Source: National Association of Realtors

Meaning a typical monthly mortgage payment would come to $2,061.

Shutterstock
Downtown LA.

That's assuming interest rates for a common 30-year, fixed-rate mortgage.

Source: HSH.com

If you're looking to rent, the average rent on a one-bedroom is $2,037. A two-bedroom would be about $3,091.

Wikimedia Commons
A residential area in Los Angeles.

Compare that to the national average one-bedroom rent at $US979, and two-bedroom at $US1,207.

Source: MyApartmentMap

The restaurant scene is a dream for foodies, but expect to pay more than the average American. A 'mid-range' meal for two will set you back about $56 -- that's $11 above the national average.

Yelp/FIFI L.
Korean barbecue in LA.

Source: Numbeo

All in all, for a four-person family to live comfortably, the suggested annual take-home income is $141,408

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This accounts for necessities — such as housing, food, childcare, healthcare, and transportation — discretionary spending, and savings in the San Francisco metro area.

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