Debt Relief In Bakersfield, California CA

Quick Navigation

Debt relief in Bakersfield (CA) can help you get your finances back on track. By consolidating your debts into one monthly payment, you can save money on interest and fees and get out of debt faster. Two ways to consolidate your debts are through a new loan or by working with a credit counseling service to create a repayment plan. Whichever option you choose, consolidating your debts will help you get back on solid financial footing.

 5/5

 4/5

The pandemic has had a significant impact on the state of California. Job openings have increased, but so has the average credit card debt. In 2020, Californians had an average debt of $5,120, but by 2021 that number had increased to $6,960. The rising cost of living makes it difficult for residents to pay off their debts.

Bakersfield California

Kern County, California, is home to the city of Bakersfield. The city is the county seat and largest in Kern County, covering about 151 sq mi (390 km2). As of the 2020 census, Bakersfield’s population was 403,455. This makes it the 48th-most populous city in the United States and the 9th-most populous in California.

Bakersfield is located near the southern end of the San Joaquin Valley and the Central Valley region. The city is a hub for business and industry in California. It is also a center for agriculture and farming.

Cost Of Living & Income

According to 2019 estimates, the median household income in Bakersfield is $62,402. This is significantly higher than the 2000 figure of $39,982. statewide, California’s median household income is $80,440.

The cost of living in Bakersfield is quite affordable compared to other parts of the country. The average rent for a one-bedroom apartment is just over $1,000 per month, and the cost of living index is 91.

Housing Market

Debt Relief In Bakersfield, California CA 2

According to recent estimates, the median value of a house or condo in Bakersfield, CA, is $264,500. This is up from $103,500 in 2000 and significantly higher than the statewide median value of $568,500. Prices for all housing units in Bakersfield averaged $281,203 in 2019, with detached houses averaging $293,493 and townhouses or other attached units averaging $172,246. Mobile homes averaged $46,546.

Although the housing crisis in California is getting worse, it is not just affecting major cities like Sacramento and Fresno. Rental prices are increasing yearly, putting a strain on residents struggling to make ends meet.

Taxes And Banking

The tax rates for residents of California can be very different depending on how much money they make. The lowest rate is only 1%, but it can go up to 13.3% for those who earn the most. In addition to this, there is also a state sales tax of 6%. Local governments in California are also allowed to collect a local sales tax of up to 3.5%.

A recent study has found that 5.6% of Californians lack access to basic financial services such as checking or savings accounts. This is, although banking is more popular in California than in other parts of America. This lack of access can seriously affect those who need to use these services but don’t have them.

Retirement In California

Debt Relief In Bakersfield, California CA 3

Californians are falling short on retirement savings. On average, residents have only $428,437 saved up, far below what is needed to retire comfortably in this state. To have a comfortable retirement, experts recommend having at least $1.5 million saved.

As more and more people retire, they are increasingly downsizing and moving to states with a lower cost of living. This is especially true for those who rely heavily on Social Security benefits, which make up a significant portion of their income. About 22% of retirees rely on Social Security for 90% or more of their total income.