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Single living in San Diego

Posted by The Aramco Group on Tue, Mar 27, 2018 @ 14:03 PM

Despite a growing number of households stating they need two incomes to make ends meet, millennials are reportedly delaying marriage until later in life. While living on your own may have its perks, according to new data it can also cost a bundle.

The Economic Policy Institue's newly updated family budget calculator factors in geographic differences in cost of living and main expenses like housing, transportation, health care, food and taxes to determine what a single person in a giving region needs to make to get by.

The most expensive is San Francisco where an individual needs to bring in nearly $70,000 a year to pay for basic living expenses. San Diego was fourth on the nationwide list with an annual cost-of-living of $46,834.

The calculator notably does not factor in other middle-class expenses like student loans, savings and credit cards.

Today, conforming no-point 30-year fixed mortgage rates averaging 4.375 percent, 15-year rates near 3.875 percent and the 5-year ARM averaging 4 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.