With the right budget-saving tips, you can turn the challenge of relocating into an exciting adventure and a fresh start in one of the world’s most dynamic cities.
This guide will break down everything from the ideal savings to have in your back pocket before moving to practical tips like where to shop and how to dodge hefty parking fees.
How Much Should You Have Saved Up?
You ideally want between $10,000 and $20,000 saved up when moving to Los Angeles. However, your savings can depend on your personal situation and lifestyle choices.
This amount is designed to cushion you against initial expenses such as housing deposits, rent, transportation, and a little entertainment here and there.
Financial planning is particularly crucial in L.A., where the cost of living is significantly higher than in other major cities.
Having a safety net eases the stress of moving and gives you the freedom to explore your new city. Plus, it’s always good to budget for those impromptu beach days or nights out in the City of Angels.
Moving to Los Angeles
According to our research, the best time to move to L.A. is September through December because the summer months are the most crowded. On average, you’ll see a 4% decrease from peak rental prices, which equates to around $100/month.
We recommend budgeting $500-$2,500 for moving costs. If you’re flying in, flights can be as low as $100 or as high as $1,000 based on where you’re moving from.
If you’re driving, the cost of gas from New York to Los Angeles is $458.46, which is $4.11/gallon. Accommodations can cost anywhere from $300-$1,500.
Rent
We recommend budgeting $3,000-$12,000 to rent your first apartment.
Studio/One bedroom: $1,000 – $2,200
Two Bedroom: $2,400 – $4,000
To secure an apartment, you need the first month’s, last month’s, and a security deposit.
Startup Costs
Plan to set aside $1,500 to $6,000 to jumpstart your life in L.A.
Now that you’ve landed in L.A., you find yourself surrounded by four bare walls, no comfy spot to sit, and no Netflix subscription to binge your favorite shows.
It’s time to transform that empty space into a home. Start with the essentials: setting up your utilities like gas and electricity, getting internet, and covering your car insurance needs. Expect these to cost around $400 – $800 monthly.
Next, you’ll want to start thinking about buying some furniture, dishes, and other household items. Don’t go straight to Pottery Barn, check out the flea markets and Craigslist for some steals.
Groceries
The cost of your groceries in Los Angeles will largely depend on your food preferences. If you’re someone who prefers premium, high-quality ingredients, you’ll likely spend more.
On the other hand, if you’re comfortable sticking to the basics from everyday stores like Fry’s and Safeway, your grocery bill will be lower. Choosing where and what you buy can significantly affect your monthly food budget.
Monthly Living Expenses (on the lower end)
- Moving to L.A.: $1000 – $1500 (from within the continental U.S.)
- Rent (for 1 person): $800 – $2000
- Gas utility: $35 – $45
- Electricity: $75
- Groceries: $200 – $400
- Supplies: $135
- Restaurants: $200 – $500
- Car payment: $300 – $450
- Car insurance: $80 – $100
- Gas: $100 – $300
- Parking: $60
- Social money: $300 – $600
Total: $2285 – $4465/month
Budget-Friendly Tips
- Stop Paying for Parking: Parking is like gold in L.A., with its maze of street sweeping schedules, overflowing street-side parking, tow-away zones, and many more obstacles. Navigating this can feel like a full-time job. Opt for Uber or Lyft to avoid the parking fees. And with the ride-sharing options now, you won’t have to spend nearly as much.
- Shop at Flea Markets: You might be used to filling your car at big-box retailers like Target and Ikea, but when settling into L.A. we suggest breaking away from those conventional shopping hauls and choosing more budget-friendly options like flea markets. These pieces can be a treasure hunt to find charming pieces but are well worth the effort.
- Go for Free Stuff: Besides the great outdoors, LA is packed with free activities, adventures, and places to explore. All of Los Angeles County’s beaches are open to the public at no charge, offering endless sand, surf, and sun without spending a dime.
Is Moving to LA Even a Good Idea?
After reading this article, moving to L.A. may seem daunting and unusually expensive, but this is a great opportunity to grow and learn about yourself.
Making any kind of big decision requires bravery and resilience, so lean into it as much as you can. There’s honestly no guarantee any of this will work out, but we only live once so do what makes you happy.
Get out there and live your best life in the City of Angels, everything else will work itself out.
FAQs
What if I have little to no money saved?
If your bank account isn’t exactly brimming, moving to L.A. can still happen. However, be warned: it’s going to be tough. Ideally, aim to spend around $10,000 before you make the move if you can. If you can’t you’ll just have to get creative about your living situation and groceries. The financial buffer can help cover everything from rent to groceries to unexpected expenses as you settle in.
When is the most cost-efficient time to move to L.A.?
Relocate during the off-peak moving seasons – the fall and winter months. Rental prices tend to dip, offering you the chance to secure the best possible deal on a new home.
