LOS ANGELES (CBSLA) — High living costs in Los Angeles may be making residents less satisfied with their lives compared to people across the nation, a new USC study revealed.
According to the LABarometer survey conducted by the USC Dornsife Center for Economic and Social Research, L.A. County residents reported having an average life satisfaction score of 4.4 on a scale of one to seven, with one being the least satisfied.READ MORE: Derrick Smith, Beloved Security Guard Killed In Long Beach, Identified As Hit-And-Run Victim, While Suspect Still At-Large
“Our first survey results show a resounding theme, which is that the high cost of living in Los Angeles largely dampens residents’ views on a range of measures, from life satisfaction to their economic outlook,” said LABarometer director Kyla Thomas.
The study suggested that dissatisfaction with personal finances may be the key reason residents reported lower life satisfaction compared to the rest of the nation.READ MORE: California's June 15 Economic Reopening Has Many Residents Rejoicing, While Others Say They're Worried
“We find that residents who are less satisfied with their financial situation tend to be less satisfied with their lives overall,” Thomas said.
Respondents cited personal finances as the most important factor for life satisfaction. They also reported being less satisfied with their personal finances compared to family life, job, social lives, health, free time and self-esteem, the study found.
Los Angeles has some of the highest rent and property values in the country, and as of recently, it has the highest gas prices in the nation, according to GasBuddy.MORE NEWS: 400-Acre Flats Fire 10% Contained, 2 Homes Destroyed, A Firefighter Injured And Experts Worried About Dry Conditions Across Southland
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