Torrance, CA is a vibrant city situated in the South Bay area, known for its entertainment, recreational activities and beautiful beaches. Major companies in the city include Honda North America, Toyota Motor Sales USA, and UPS. The cost of living in Torrance is slightly higher than that of the US overall, with rents for two bedroom apartments averaging at $2,510 compared to $1,430 across the country. Grocery costs index are also higher at 105 versus 100 nationwide. Despite the relatively higher cost of living, Torrance offers its residents an array of amenities and attractions such as outdoor recreation areas and shopping districts making it an attractive place to call home.
Torrance has an unemployment rate of 8.2%. The US average is 6.0%.
Torrance has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 33.8%, which is higher than the US average of 33.5%.
Tax Rates for Torrance
- The Sales Tax Rate for Torrance is 9.5%. The US average is 7.3%.
- The Income Tax Rate for Torrance is 9.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Torrance
- The average income of a Torrance resident is $36,876 a year. The US average is $28,555 a year.
- The Median household income of a Torrance resident is $100,215 a year. The US average is $69,021 a year.