California's seemingly lofty paychecks look relatively run-of-the-mill when considering the state's costly lifestyle and tax burdens, highlighting that high income may not equate to higher purchasing power.
The state’s cost of living is 11.2% higher than the national norm, making California the priciest place to live, followed closely by New Jersey and Hawaii.
California's per capita income in 2023 ranked sixth-highest at $81,300, well above the national average of $69,800, though offset by high living costs and taxes.
With the fourth-highest tax burden in the nation, California's effective tax cost further challenges residents' real income, emphasizing the complicated nature of financial well-being in the state.
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