Is Torrance A Rich Area? Exploring The Wealth And Lifestyle In Torrance, California

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 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.

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.