Debt relief in Long Beach (CA) can help you get your finances under control. By consolidating your debts into one monthly payment, you can save money on interest and get out of debt faster. Two ways to consolidate your debts are by taking out a new loan or working with a credit counseling service to create a repayment plan. Whichever way you choose, consolidating your debts can help you get back on track financially.
Long Beach, California
Los Angeles County’s city of Long Beach is a vibrant and populous place. With a population of 466,742 people as of 2020, it is the 42nd-most populous city in the United States. It is a charter city in Southern California in the southern part of Los Angeles County. It is also the seventh-most populous city in California.
In 2019, the median value of houses and condos in Long Beach was $614,400. This is a significant increase from 2000 when the median value was $198,600. The median value for all housing units in California was $568,500 in 2019. The mean prices for all housing units in Long Beach were $670,663. This includes detached houses, which had a mean price of $723,975, and townhouses or other attached units, which had a mean price of $626,289. Mobile homes had a mean price of $151,890.
The California housing crisis is not just a problem for big cities like Sacramento and Fresno. Average rental prices are rising yearly, putting a strain on residents struggling to make ends meet. This crisis is affecting the entire state, and something needs to be done to improve the situation.
Incorporated in 1897, today’s incarnation of the city has much to offer residents and visitors alike. Just 20 miles (32 km) south of downtown Los Angeles, it is part of the Gateway Cities region and boasts miles of a gorgeous coastline. The Port of Long Beach is one of the busiest container ports in the United States and among the world’s largest shipping ports.
Cost Of Living & Income
In 2019, the median household income in Long Beach was $67,804. This is up from $37,270 in 2000. The median household income in California was $80,440 in 2019.
The cost of living in Long Beach is very high, with a gross rent of $1,460 in 2019. The March 2019 cost of living index was 142.7, significantly higher than the national average of 100.
Retirement In California
In California, retirement savings fall short of what is needed to retire comfortably. The average resident has saved only $428,437, while $1.5 million is required for a comfortable retirement in this state.
As California’s population grows, retirees are increasingly choosing to downsize and relocate to states with a lower cost of living. Social Security benefits are a crucial source of income for many retirees, with about 22% relying on them for 90% or more of their total income. This trend is expected to continue, with retirees projected to account for 3% of California’s population growth in 2019 alone.
Taxes And Banking
The tax rates for individuals in California vary depending on their annual incomes. Those who earn less than $8,384 are taxed at a rate of 1%, while those who earn more than $1,000,000 are taxed at a maximum rate of 13.3%. In addition to this, the state sales tax is 6%. Local governments in California can also collect a local sales tax of up to 3.5%.
Though more people in California have bank accounts than in other parts of America, many residents still don’t have access to basic financial services like checking or savings accounts. According to recent data, 5.6% of Californians lack these accounts.
Debt Relief In Long Beach, CA
Doing debt consolidation in Long Beach, CA, is a good way to reduce your monthly payments and save money on interest. Instead of making separate payments to multiple credit card issuers or lenders each month, you can roll them into one payment from a single lender. This can help you get out of debt faster and save money in the long run.
Debt consolidation can be used to merge a variety of debts, such as:
- Car Loans
- Medical Debt
- Personal Loans
- Student Debt
- Credit Cards
- Payday Loans