Is Torrance A Rich Area? Exploring The Wealth And Lifestyle In Torrance, California
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Is Torrance A Rich City?
Is Torrance considered an affluent city? To gauge its economic status, it’s crucial to examine the per capita income. In 2018, the per capita income in Torrance stood at $49,624. This figure places Torrance in the upper-middle-income bracket when compared to the state of California. Moreover, when considering the broader national context, Torrance can be categorized as a relatively wealthy city. To put this into perspective, this translates to an annual income of $198,496 for a family of four residing in Torrance. It’s important to note, however, that Torrance exhibits a diverse socioeconomic landscape, encompassing both prosperous and economically disadvantaged residents.
Is Torrance An Expensive Place To Live?
Is Torrance considered a costly location for residents? To assess the affordability of living in Torrance, let’s delve into the housing market. The median home price in Torrance stands at $1,217,500, accompanied by a median price per square foot of $769. This suggests a relatively high cost associated with real estate. In fact, the cost of living index for housing in Torrance is estimated to be 235.2% of the national average, firmly establishing it as one of the most expensive cities in the United States in terms of housing expenses.
How Rich Is Torrance California?
In the year 2020, Torrance, California was home to a population of approximately 144,000 individuals, showcasing a median age of 41.8 years. The median household income for the area was recorded at $94,781. Over the course of a year, from 2019 to 2020, Torrance experienced a slight decrease in population, dropping from 145,492 to 144,430 residents, reflecting a decline of about -0.73%. Concurrently, the median household income demonstrated a modest increase, rising from $93,492 to $94,781, denoting a growth of 1.38%. Understanding Torrance’s demographic and economic details from 2020 provides insights into the city’s financial landscape.
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This means Torrance income is much higher than the median income in the United States, with city household incomes in the 91th percentile. Education is usually most correlated with income, and in Torrance 49% of adults have bachelor’s degrees or higher versus 31% nationwide.The per capita income in Torrance in 2018 was $49,624, which is upper middle income relative to California, and wealthy relative to the rest of the US. This equates to an annual income of $198,496 for a family of four. However, Torrance contains both very wealthy and poor people as well.What is the median home price in Torrance? The median home price in Torrance is $1,217,500 with a median price per sqft of $769. The cost of living index for housing estimates the cost of housing in Torrance to be 235.2% of the national average. This makes it one of the most expensive cities in the US.
Learn more about the topic Is Torrance a rich area.
- The Highest and Lowest Income Areas in Torrance, CA
- Torrance, CA Real Estate Market Data – NeighborhoodScout
- Cost of Living in Torrance, CA | ZeroDown
- Torrance, CA – Data USA
- Torrance, CA – Niche
- You need to make this much to be ‘middle class’ in California
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