what salary do you need to live comfortably?

At that place is no one answer to how much money you need to make to live comfortably, just one oft-used rule of thumb in budgeting is the 50/30/20 rule — which calls for half your income to become to necessities, twenty% to savings and investments and thirty% for splurges and fun. For nigh Americans, that's a pretty sensible approach to defining a living wage, but plenty of residents living in America's largest cities are probably reading that and thinking "Are y'all insane? Half my income doesn't fifty-fifty cover my rent and I live in a converted dumbwaiter."

See: States Where Your Retirement Volition Price Less Than $45,000 a Yr
Bank check Out: 35 Surprising Cities With Low Costs of Living

And it's true: How much money you need to live comfortably is only much college in the large city, putting the l/30/20 rule out of reach for most of its residents. That's why a new GOBankingRates study lays out just how much you need to earn to live comfortably in each of America's fifty largest metropolises based on the cost of living by city. Using Zillow to calculate housing costs in each locale and Sperling's Best Places to estimate the price of other necessities similar transportation, groceries and healthcare, the end result is a articulate sense of but how much you would need to be bringing in to stick to the 50/30/20 rule at average levels of spending in each category.

Don't Move: 50 Cities With the Most Overpriced Homes

With the boilerplate salary in each major U.S. city falling well short of what's needed to live comfortably there, the study should make information technology clear that a lot of America's urbanites probably accept to brand cuts elsewhere to afford living in the large city. So if yous're thinking about living in a major city, keep reading to see the platonic bacon and cost of living in America'south biggest cities.

Albuquerque, New Mexico

Median income: $49,878
Income needed if you're a homeowner: $72,631
Income needed if you're a renter: $73,879

Albuquerque isn't going to acme any salary comparing past city with the median earner pulling down under $50,000, which is below the average salary in the U.S. Only, with "just" $22,753 separating a median earner from the toll to live comfortably in Albuquerque, it'southward actually amid the more affordable major cities in the country.

Banking: These Are the All-time Banks of 2021 – Did Yours Make the Cut?

Arlington, Texas

Median income: $55,562
Income needed if you're a homeowner: $80,650
Income needed if y'all're a renter: $89,050

Arlington residents are likely struggling a little to get by with a little over $25,000 separating a median earner from what they would demand as a homeowner in the city. Even so, the situation is likely significantly harder if you're renting every bit the annual cost for necessities is over $4,000 higher when you don't own.

Everything You Need To Know About Budgeting:How To Create a Upkeep Yous Can Live With

Atlanta

Median income: $51,701
Income needed if y'all're a homeowner: $88,607
Income needed if you're a renter: $88,151

It's actually cheaper to rent in Atlanta, though by the smallest of margins — under $500 separates the income needed to live comfortably in each situation. That said, the average resident is falling over $35,000 a year short of what they need to fit into the 50/30/xx upkeep.

Bank check It Out: How Far a $100,000 Salary Goes in America's 50 Largest Cities

Austin, Texas

Median income: $63,717
Income needed if you're a homeowner: $98,007
Income needed if you're a renter: $94,455

If you're not earning six figures, you should reconsider living in the Texas majuscule based on simply how costly it can exist. Nevertheless, if you're expressionless set on enjoying the urban center's renowned music scene on a nightly ground — part of why it's ofttimes no stranger to lists of the all-time places to live in the U.Due south. — you will need most $3,500 less each twelvemonth when you're renting rather than owning.

Boston

Median income: $62,021
Income needed if you're a homeowner: $129,389
Income needed if yous're a renter: $120,413

Living in Beantown might require an peculiarly talented bean counter to be certain you can pay all your bills. Boston is i of just 13 cities where you lot'll need to make at to the lowest degree $100,000 a year to live comfortably whether y'all're renting or owning.

Charlotte, N Carolina

Median income: $58,202
Income needed if you're a homeowner: $80,071
Income needed if you're a renter: $82,999

While needing $80,000 a year to get by is a scrap pricey, the salubrious $58,202 a year that the median earner in Charlotte is making means residents are likely struggling less than they would elsewhere. Homeowners are about $22,000 short of what they would demand, putting them among the cities with the smallest gaps betwixt what most people are earning and what it costs to live there.

Chicago

Median income: $52,497
Income needed if yous're a homeowner: $84,765
Income needed if you're a renter: $94,917

The Windy City isn't peculiarly expensive when stacked up against other urban areas that are among the five largest, but its relatively modest median income means many residents are probable yet struggling to make ends meet. The median earner in Chi-town is more than $32,000 short of what it costs to live comfortably if they own. As for renters, they'll demand over $42,000 more.

Cleveland

Median income: $27,854
Income needed if you lot're a homeowner: $55,139
Income needed if yous're a renter: $64,883

No city amongst the 50 largest is cheaper to live in than Cleveland. Unfortunately for residents, no city has a lower median income, either. The typical Cleveland resident is pulling down just nether $28,000 a year, significant that even the relatively pocket-sized $55,000 a year needed for homeowners is well out of accomplish. And it'south significantly worse for renters, who are around $37,000 beneath what they need to live comfortably.

Colorado Springs, Colorado

Median income: $58,158
Income needed if y'all're a homeowner: $84,800
Income needed if you're a renter: $83,072

Whether you're renting or owning, you can look to spend a little under $twenty,000 a year on housing in Colorado Springs. The 2 are very close, though, with only under $2,000 separating the income needed to live comfortably for renters and owners.

Columbus, Ohio

Median income: $49,478
Income needed if you lot're a homeowner: $68,775
Income needed if you lot're a renter: $75,063

Ohio's capital is one of the more than affordable large cities to live in, with the income needed to alive comfortably falling nether $70,000 for homeowners. Information technology does become significantly more difficult if yous're renting, though, equally you'll need to make over $75,000 a yr — over $25,000 more than than the city's median income.

Dallas

Median income: $47,285
Income needed if you're a homeowner: $83,140
Income needed if you're a renter: $87,964

The median income below $l,000 a yr likely makes the costs of Dallas significantly more than difficult to handle than in other cities. Average earners who rent could be particularly squeezed, with their income coming up over $forty,000 short.

Find Out: 35 Cities Where You lot Can Beget To Alive on Less Than $50,000

Denver

Median income: $38,991
Income needed if you're a homeowner: $109,020
Income needed if yous're a renter: $103,236

Not only is Denver another of the cities where you need to clear half dozen figures to live comfortably, it's also i of just seven cities in the written report where median income are under $40,000 a year. That leaves the median homeowner and renter $70,029 and $64,245 curt of what they need each year, respectively.

El Paso, Texas

Median income: $44,431
Income needed if yous're a homeowner: $64,593
Income needed if you're a renter: $68,961

While incomes in El Paso are relatively low, the income needed to alive comfortably is as well among the lowest of the nation's 50 largest cities. With homeowners needing to make less than $65,000 a twelvemonth — and renters under $70,000 — the gap from a median income to a comfortable ane is between $20,000 and $25,000 for both renters and buyers.

Fort Worth, Texas

Median income: $57,309
Income needed if you're a homeowner: $79,287
Income needed if you're a renter: $87,135

Residents of Fort Worth have a median income that's about exactly $10,000 a year college than that of neighboring Dallas. That'due south especially practiced news for renters, with the cost of living in that location coming in at most the same equally information technology does in Dallas. And it'southward even improve news for homeowners as the cost to alive comfortably is about $4,000 a year less in Fort Worth than it is in Dallas despite the higher incomes.

Fresno, California

Median income: $44,853
Income needed if you're a homeowner: $79,757
Income needed if you're a renter: $79,061

Fresno is one of the cities where the income needed to alive comfortably falls under $80,000 a yr for both renters and owners. And, with just $700 a twelvemonth separating the two, at that place might be significantly less reason to afflict over the decision than in other places. Still, with median incomes falling under $45,000 a year, renters and owners akin are well-nigh $35,000 curt of what they demand to live comfortably.

Honolulu

Median income: $80,078
Income needed if you're a homeowner: $190,201
Income needed if yous're a renter: $125,329

At over $80,000, the median income in Honolulu is college than anywhere exterior of the swanky San Francisco Bay Expanse. But, unfortunately for residents, so is the cost of living. Homeowners with average earnings are going to come over $100,000 curt of what they need to live comfortably. And while renting is significantly less expensive, apartment dwellers are however over $45,000 below what they need.

Houston

Median income: $49,399
Income needed if you're a homeowner: $79,378
Income needed if you're a renter: $87,658

The country's fourth-largest metropolis also has a significantly pricier rental market than it does buyers' market. You'll need to make over $8,000 a year more than to live comfortably while renting than yous would if you have a mortgage. Either way, though, with median incomes under $fifty,000, the average Houston resident is coming up well short of that level.

Indianapolis

Median income: $44,709
Income needed if y'all're a homeowner: $65,250
Income needed if yous're a renter: $70,962

The cost of living in the Upper Midwest trends on the lower side and Indianapolis isn't outside that trend. While it's still much higher than the median income of $44,709 a yr, the income needed to alive comfortably while owning a dwelling house is simply over $65,000 a year — lower than every other city in the study save three.

Jacksonville, Florida

Median income: $l,555
Income needed if you lot're a homeowner: $74,615
Income needed if you're a renter: $79,055

Another one of the cities where the salary needed to live comfortably is under $80,000 for both renters and buyers, Jacksonville could exist a relatively affordable way to enjoy both city life and the sunny Florida climate. And with the income needed to live comfortably near $24,000 of the median wage for homeowners, it's also one where the costs are better aligned with people's earnings.

Kansas Metropolis, Missouri

Median income: $50,136
Income needed if you're a homeowner: $67,647
Income needed if yous're a renter: $72,303

The gap betwixt the income needed to live comfortably and the $fifty,136 a twelvemonth that a median earner makes in Kansas City is amidst the everyman in this study for both renters and homeowners. The typical homeowner is just $17,511 brusk what they need to live comfortably while the typical renter is $22,167 below that level.

Las Vegas

Median income: $53,159
Income needed if yous're a homeowner: $91,684
Income needed if you're a renter: $87,796

The income needed to live comfortably in Las Vegas is higher than many but still beneath the average level for the 50 cities included hither. Just, with a median income of $53,159, homeowners with average earnings are $38,500 short of what they would need to maintain a fifty/30/20 budget bold average costs.

Long Beach, California

Median income: $58,314
Income needed if you're a homeowner: $138,698
Income needed if you're a renter: $124,706

Located to the southeast of Los Angeles, Long Beach is another of the bakery'southward dozen where the income needed to alive comfortably exceeds $100,000 for both renters and homeowners. It's likewise a city where that level is much lower for renters — with those choosing non to buy needing about $14,000 a yr less than their counterparts shouldering a mortgage.

Los Angeles

Median income: $54,501
Income needed if yous're a homeowner: $150,392
Income needed if you're a renter: $136,208

The country's second-largest urban center is well-known for its sunny climate, palm copse and entertainment manufacture, simply information technology's possible that its loftier cost of living should be among its near notable traits. If you accept a mortgage in Los Angeles, you'll need over $150,000 in income to comfortably fit into the 50/xxx/twenty budget, over $80,000 a year than the median earner makes.

Ouch: In Less Than a Decade, You Won't Be Able To Beget a Home in These Cities

Louisville, Kentucky

Median income: $49,439
Income needed if you're a homeowner: $lxx,383
Income needed if you're a renter: $71,535

Louisville'southward relatively modest cost of living helps contribute to incomes needed to alive comfortably that are just over $70,000 for both renters and buyers. That means the gap to the median income — at just nether $50,000 a year — is only well-nigh $20,000 lower than needed in both scenarios.

Memphis, Tennessee

Median income: $38,230
Income needed if you're a homeowner: $63,595
Income needed if you're a renter: $69,331

Memphis is another city where residents aren't making plenty to really take advantage of the low cost of living the manner i would hope. While you would demand less than $70,000 a twelvemonth to alive comfortably there, the median earner in the urban center is making less than $twoscore,000 a year.

Mesa, Arizona

Median income: $52,155
Income needed if y'all're a homeowner: $86,351
Income needed if you're a renter: $86,087

The income needed for a comfy lifestyle in Mesa is almost identical for renters and buyers, with just under $300 a year separating the two. Withal, that's more than $33,000 the median earner tin can beget in both cases.

Miami

Median income: $33,999
Income needed if you're a homeowner: $104,965
Income needed if you're a renter: $109,525

Miami has the unfortunate stardom of beingness both one of the 13 cities where the income necessary to live comfortably exceeds $100,000 for both renters and buyers and being on of the list of cities where median income is nether $40,000 a twelvemonth. That leaves a huge $70,000-plus gap between what people are making and what they demand to earn to live comfortably whether y'all own your dwelling or rent it.

Milwaukee

Median income: $38,289
Income needed if you're a homeowner: $67,670
Income needed if you're a renter: $76,022

While the cost of living is relatively small-scale in Milwaukee, and then is the median income. With half of the urban center making $38,289 or less, even that $67,670 a twelvemonth needed to live comfortably while paying a mortgage is almost $30,000 more than residents are making. That said, with the toll to live comfortably while renting is almost $10,000 a year higher — information technology could be worse.

Minneapolis

Median income: $55,720
Income needed if you're a homeowner: $84,373
Income needed if you're a renter: $90,277

Minneapolis is a relatively flush city, particularly when compared to other major urban areas in the Upper Midwest. However, despite a stronger median income, the toll of living is also relatively high. That leaves a median earner in Minneapolis $28,653 brusk of what they need to alive comfortably if they own and $34,557 short if they rent.

Nashville, Tennessee

Median income: $52,858
Income needed if you're a homeowner: $84,787
Income needed if you're a renter: $87,115

Music Urban center'south loftier toll of living means the 50/30/20 upkeep rule is likely non possible for many to most of its residents. Renters and owners akin are over $31,000 short of what they need to live comfortably based on the median income of $52,858.

New Orleans

Median income: $38,721
Income needed if you're a homeowner: $77,989
Income needed if yous're a renter: $87,925

The Big Easy is anything merely for its residents who are earning less — and at that place are likely plenty with a median income under $40,000 a year. It'southward much worse if you lot're renting, though, every bit median earners who don't own are around $49,000 a year short of the income necessary to live comfortably.

New York

Median income: $57,782
Income needed if you're a homeowner: $148,448
Income needed if you're a renter: $128,552

While New York has long been synonymous with heaven-high cost of living, it's really well short of the priciest metropolis in this study. That fact, though, won't offer much solace to residents struggling to make ends meet. If you desire to live comfortably in the Big Apple, you'll demand to earn at least $128,552 a year — and nigh $150,000 if you're looking to ain where y'all live.

Oakland, California

Median income: $63,251
Income needed if you're a homeowner: $145,274
Income needed if you're a renter: $128,282

The first of iii cities in the San Francisco Bay Expanse, Oakland is an extremely costly place to live. Despite a relatively strong median income of $63,251 a year, residents hoping to own their ain home need to increase their income by more than $81,000 a year if they want to hit the 50/30/20 rule while paying average costs.

Oklahoma City

Median income: $51,581
Income needed if you're a homeowner: $68,419
Income needed if you're a renter: $74,275

Oklahoma City has relatively modest costs compared to about major cities. Pair that with a median income over $51,000 a year and the gap to a comfy income if yous own your habitation is just over $16,000 a yr, one of the lowest levels in the study. It's still relatively depression for renters at a little nether $24,000 a year, just significantly higher than information technology is if you have a mortgage.

Omaha, Nebraska

Median income: $53,789
Income needed if yous're a homeowner: $71,712
Income needed if y'all're a renter: $78,648

Another city where homeowners are likely coming very close to earning what they would need, Omaha's $53,789 median income is only nigh $18,000 a year brusque of what yous would need to live comfortably while covering a mortgage. Only, in one case once more, this is a city where there's a articulate financial statement for buying over renting.

Orlando, Florida

Median income: $45,436
Income needed if y'all're a homeowner: $85,935
Income needed if you're a renter: $89,127

Living and so close to Disney Globe must be appealing, but with a cost of living that's relatively loftier, it might be out of reach for many. Once yous factor in the median income, the median homeowner in Orlando is a whopping $40,000 a yr short of what they demand to live comfortably.

Related: The Cost To Retire in America'southward Sunniest Cities

Philadelphia

Median income: $40,649
Income needed if y'all're a homeowner: $82,439
Income needed if you lot're a renter: $92,639

Brotherly love might non cost a affair, but living in Philadelphia sure does. Despite a median income just over $40,000 a yr, the salary necessary to live comfortably while satisfying the l/30/20 rule is over double what the typical homeowner is actually earning and leaves renters around $52,000 shy of what they need.

Phoenix

Median income: $52,080
Income needed if you're a homeowner: $86,407
Income needed if yous're a renter: $86,143

The nation'south 5th-most populous city has a median income a niggling over $52,000 a year. That'southward a decent wage compared to many of the cities in this written report, but information technology's also nigh $34,000 short of what y'all need to live comfortably for both renters and buyers.

Portland, Oregon

Median income: $61,532
Income needed if you're a homeowner: $106,256
Income needed if yous're a renter: $97,568

While a median income of effectually $61,000 a yr is relatively rare among the country'southward biggest cities — there are simply 12 cities in this written report at that level or higher — Portland's high price of living might mean it won't go nearly every bit far. If you are expressionless set up on moving to Portland, though, it could pay to hire instead of buying as the income needed to live comfortably is about $9,000 a year higher for homeowners.

Raleigh, North Carolina

Median income: $61,505
Income needed if you're a homeowner: $81,542
Income needed if you lot're a renter: $lxxx,486

Raleigh comes very close to having its income needed to live comfortably falling within $21,000 of its median income for both renters and buyers. Not merely is the median resident making more than than $60,000 a year, merely its cost of living is well below the average for these 50 cities.

Sacramento, California

Median income: $54,615
Income needed if you're a homeowner: $94,160
Income needed if you're a renter: $92,336

California'due south capital city is northeast of San Francisco, Oakland and the rest of the high-cost Bay Area. However, it does seem as though some of the costs have migrated there, as you'll need to make over $90,000 a yr to alive comfortably.

San Antonio

Median income: $49,711
Income needed if you're a homeowner: $71,943
Income needed if you're a renter: $77,871

San Antonio is a relatively affordable place to live, with the income needed to alive comfortably while paying a mortgage at just over $seventy,000 a year. Unfortunately, that's withal quite a chip more near residents are making with a median income just nether $50,000.

San Diego

Median income: $71,535
Income needed if you're a homeowner: $137,826
Income needed if you're a renter: $120,786

San Diego might be a great place to take in the Southern California sun, but you lot're likely to pay dearly for the privilege. You'll need to earn vi figures to live comfortably in the urban center. But, keep in mind that information technology's much cheaper to rent — with a comfy income coming in around $17,000 lower for renters than homeowners.

San Francisco

Median income: $96,265
Income needed if you lot're a homeowner: $230,286
Income needed if you lot're a renter: $164,214

San Francisco is the most flush city in this study, with a median income of nigh six figures. Despite that, median earners there who own their ain dwelling are further from the income necessary to live comfortably than residents of any other city on this list. Even a half dozen-figure income is less than one-half what you need to own your home and still spend just one-half your income on necessities in The Urban center.

Learn More: What Does Earning a Six-Effigy Salary Mean and Do You Need Ane To Build Wealth?

San Jose, California

Median income: $96,662
Income needed if you're a homeowner: $197,502
Income needed if yous're a renter: $143,670

Of course, right adjacent door in San Jose, incomes are even higher. Yet, the median income remains over $100,000 short of what you need to alive comfortably while owning your own dwelling house, but it's over $thirty,000 closer than it is in nearby San Francisco.

Seattle

Median income: $79,565
Income needed if y'all're a homeowner: $144,786
Income needed if y'all're a renter: $115,722

Median earners in Seattle are pulling down just nether $80,000 a year, merely that doesn't go nearly every bit far every bit they might like. Once again, anyone planning to move there should seriously consider renting instead of ownership: The income needed to alive comfortably is near $30,000 lower if you lot don't have a mortgage.

Tucson, Arizona

Median income: $39,617
Income needed if y'all're a homeowner: $72,870
Income needed if you're a renter: $74,070

The income needed to live comfortably in Tucson is in the low-$70,000s for renters and owners akin, which is on the lower end for the cities in this study. Unfortunately, given that Tucson is amongst those cities where the median income doesn't crack $40,000 a year, both those levels are over $33,000 more than what the typical resident is making.

Tulsa, Oklahoma

Median income: $44,577
Income needed if you're a homeowner: $65,660
Income needed if you're a renter: $69,740

Tulsa'due south 1 of the more than affordable cities in this study, with the income needed to live comfortably coming in under $70,000 for both homeowners and renters. And while the median income of $44,577 is relatively low, information technology'south still within about $21,100 of what you need to comprehend a mortgage and other basic necessities with half your bacon.

Virginia Beach, Virgina

Median income: $70,500
Income needed if you're a homeowner: $83,176
Income needed if you're a renter: $87,328

No city in this study is closer to having its median income come across the salary necessary to live comfortably than Virginia Beach, though that has more than to do with the over $seventy,000 a yr earned by the median resident. Renters are simply under $17,000 shy of what they need while homeowners are within $12,700.

Washington, D.C.

Median Income: $77,649
Income needed if you lot're a homeowner: $142,230
Income needed if you lot're a renter: $122,934

The nation's majuscule has one of the highest median incomes of a major American urban center, but it also has some of the highest costs. The income needed to alive comfortably at that place while owning your habitation is only under $65,000 more than what the average resident earns.

Is Your Cost of Living As well High?

The results of this study should arrive clear that — based on median costs and the fifty/30/20 rule — many of America'due south city-dwellers are most likely coming up well short of what they need to cover expenses. That has to mean that many urbanites are having to find other ways to brand ends meet and stretch their budget as far as possible.

However, in that location are at least a few cities that would appear to offer a run a risk to get by on less. The city with the smallest gap between its median earnings and price of living — Virginia Beach — gets there largely by having a very flush populace that drives the median income upwards over $70,000. 4 cities, though, have a median income of about $50,000 a year and still fall inside $xx,000 of the income needed to get by for homeowners: Oklahoma City, Kansas City, Omaha and Columbus. So, if you lot're looking for metropolis life that's still affordable for the center grade, your best bet appears to be on the high plains.

More than From GOBankingRates

5 Things Most Americans Don't Know About Social Security
Social Security Benefits Might Become Cut Early — What Does It Hateful for You?
Navy Federal cashRewards Review: With Great Benefits Come up Great Rewards
15 Mortgage Questions To Ask Your Lender

GOBankingRates found the cost of living in America'southward 50 biggest cities by analyzing the following factors: (1) Cost of living alphabetize for groceries, utilities, transportation and healthcare sourced from Sperling'southward Best Places. Each alphabetize was multiplied by the annual expenditure amount in each category from Agency of Labor Statistics' 2017 Consumer Expenditure Survey, which measures household annual mean expenditures to make up one's mind the annual mean spending for each category; (2) Rent costs were sourced from Zillow's February 2019 rental value index for unmarried-family residences, and were multiplied by 12 to obtain an annualized yearly spending on hire; (3) Mortgage rates were based off Zillow's February 2019'southward median home value, and Zillow'south mortgage Computer was used to determine the monthly mortgage payment for each given urban center based off the cities home value and a 30-yr stock-still loan. Mortgage payments were multiplied by 12 to obtain an annualized amount; (four) Median household income was sourced from Census Bureau'south 2017 American Community Survey (this is income prior to beingness taxed). One time all the data was found, the almanac expenditure amount was calculated by calculation together the annual spending for each category. GOBankingRates found the annual expenditures for both people paying a mortgage payment and for people who are paying hire separately and the median income is subtracted by annual expenditures for those paying a mortgage and those renting to see how much money is needed or left over for each metropolis. GOBankingRates then used the fifty/20/30 rule which assumes that 50% of income should get towards necessities, 30% should become towards discretionary spending and 20% should go towards savings. The 50% income is the cities annual expenditure and that amount is used to find the boosted income needed for splurges and savings.

Data is authentic as of Apr 4, 2019.

Almost the Writer

mckinneyning2001.blogspot.com

Source: https://www.gobankingrates.com/money/economy/cost-to-live-comfortably-biggest-cities-us/