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Money Might Buy Happiness: High Living Costs Make LA Residents Less Happy Than Rest Of US

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.

"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.

"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.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)

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