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Message
How Much Money You Need to Live Comfortably in the 50 Largest US Cities
Posted on 4/19/16 at 11:36 am
Posted on 4/19/16 at 11:36 am
LINK
some notable cities
Expensive Cities:
San Francisco $119,570
NYC $87,446
DC $83,104
San Jose $89,734
Boston $84,422
Cheapest City:
$39,966
Regional Cities:
New Orleans $60,782
Houston $60,795
Atlanta $60,285
Dallas $55,651
Memphis $44,180
Austin $53,225
quote:
Methodology: GOBankingRates surveyed monthly living expenses in the 50 most populous U.S. cities according to U.S. Census Bureau estimates. This cost-of-living comparison included the following factors for a single person: (1) housing, using the median rent for a one-bedroom apartment in each city, sourced from Zillow's January 2016 rental index; (2) groceries, using the recommended amount reported by cost-of-living database Numbeo.com for each city, sourced March 9, 2016; (3) utilities for a 915-square-foot apartment in each city, according to cost estimates from Numbeo.com, sourced March 9, 2016; (4) transportation costs according to the Economic Policy Institute's Family Budget Calculator for each city or its nearest metropolitan area; and (5) health insurance premiums as estimated at the state level for 2013 by the Kaiser Family Foundation.
Monthly costs were totaled and multiplied by 12 to get the annual dollar cost of necessities in each city. This dollar amount for necessities was then doubled to find the actual annual income needed to live comfortably in the city, assuming a person is following the 50-30-20 budgeting guideline, which requires an income double the cost of necessities. This study also compared the amount of income needed in each city to each city's actual median household income according to 2014 U.S. Census Bureau data. The amount of money specified for savings is equal to 20 percent of the total income needed, and the amount specified for discretionary spending is equal to 30 percent of the total income needed.
some notable cities
Expensive Cities:
San Francisco $119,570
NYC $87,446
DC $83,104
San Jose $89,734
Boston $84,422
Cheapest City:
$39,966
Regional Cities:
New Orleans $60,782
Houston $60,795
Atlanta $60,285
Dallas $55,651
Memphis $44,180
Austin $53,225
This post was edited on 4/19/16 at 11:39 am
30
Posted on 4/19/16 at 11:37 am to SlowFlowPro
50 largest states? What are the smallest states?
Posted on 4/19/16 at 11:37 am to SlowFlowPro
quote:
San Francisco $119,570
NYC $87,446
DC $83,104
San Jose $89,734
Boston $84,422
those seem pretty low for "comfortable" living in those cities
Posted on 4/19/16 at 11:38 am to SlowFlowPro
Is that gross or take-home?
Posted on 4/19/16 at 11:38 am to SlowFlowPro
quote:
50 Largest US States
Posted on 4/19/16 at 11:38 am to SlowFlowPro
quote:
How Much Money You Need to Live Comfortably in the 50 Largest US States
Why did they list only the largest 50 states, what about the smallest 7?
Posted on 4/19/16 at 11:38 am to SlowFlowPro
Great work SFP.
Posted on 4/19/16 at 11:38 am to nes2010
quote:
50 largest states?
fixed, brah
Posted on 4/19/16 at 11:39 am to nes2010
quote:
What are the smallest states?
PR, Guam
Posted on 4/19/16 at 11:39 am to SlowFlowPro
quote:
How Much Money You Need to Live Comfortably in the 50 Largest US States
Posted on 4/19/16 at 11:41 am to SlowFlowPro
quote:That is nuts. As a young single guy when I was first out of school, I was in the low 50s and didn't want for anything in NOLA while saving money every month without trying
New Orleans $60,782
Posted on 4/19/16 at 11:42 am to 777Tiger
quote:
those seem pretty low for "comfortable" living in those cities
It appears this is targeted for single people or couples with no children at the very least. Single bedroom sub-1000 sq ft apartment type living. Still, not as bad as I thought it'd be for a place like NYC. San Fran is outrageous though.
Posted on 4/19/16 at 11:42 am to SlowFlowPro
I'd like to see this adjusted for parents of multiple school age children (assuming the local school district sucks)
Posted on 4/19/16 at 11:43 am to SlowFlowPro
I don't know about the rest but Seattle's is full of shite. I make a good bit more than that and it feels like I'm barely above poverty here.
eta-
Makes more sense.
eta-
quote:
It appears this is targeted for single people or couples with no children at the very least.
Makes more sense.
This post was edited on 4/19/16 at 11:47 am
Posted on 4/19/16 at 11:44 am to SlowFlowPro
something is off with that
no way in hell it costs more to live in Houston than Austin
no way in hell it costs more to live in Houston than Austin
Posted on 4/19/16 at 11:44 am to KG6
quote:It is also wrong. My cousin makes about 85k there and lives completely comfortable.
San Fran is outrageous though.
Posted on 4/19/16 at 11:45 am to SlowFlowPro
This graphic is a useful as a missing lug wrench:
Posted on 4/19/16 at 11:45 am to KG6
quote:
It appears this is targeted for single people or couples with no children at the very least. Single bedroom sub-1000 sq ft apartment type living.
yeah, went back and read, I can see those figures being accurate with those parameters
Posted on 4/19/16 at 11:46 am to SlowFlowPro
So, white people DO ruin everything.
Posted on 4/19/16 at 11:47 am to northshorebamaman
quote:
I don't know about the rest but Seattle's is full of shite. I make a good bit more than that and it feels like I'm barely above poverty here.
Meh, you should be able to live comfortably on that in Seattle.
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