Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Here's How much money it takes to live comfortably in the 50 biggest US cities
Business Insider ^ | 04/19/2016 | Elyssa Kirkham, GOBankingRates

Posted on 04/19/2016 12:47:45 PM PDT by SeekAndFind

Unless you're tracking expenses carefully, it can be hard to tell whether your city's cost of living or your own spending habits are the cause of your financial troubles.

Using the 50-30-20 budgeting rule, for example — in which 50 percent of income covers necessities, 30 percent is for discretionary items and 20 percent is saved — you can quickly determine whether your income is sufficient to cover expenses for living in your city. If it isn't, you might have to cut costs or maybe even move.

GoBankingRates conducted a cost-of-living comparison of the 75 most populous U.S. cities, surveying dollar amounts of living expenses including rent, groceries, utilities, transportation and healthcare. This total, which accounts for necessities, was then doubled to find how much money a single person needs to earn in that city to follow a 50-30-20 budget. This study also compares the total amount of income needed to the actual median household income in each city to see if differences in cost of living are matched by differences in pay.

(Visit GoBankingRates for the complete list and methodology.)

Click through to see how much money you'd need to earn to live comfortably, before taxes, in the biggest cities across the U.S. The cities are listed in order of population from smallest to largest.

Bakersfield, CA: $43,425

Income needed: $43,425

50 percent for necessities: $21,713

30 percent for discretionary spending: $13,028

20 percent for savings: $8,685

Based on the median household income of $56,842, Bakersfield, residents have an extra $13,416 more each year than what is needed to live comfortably.

___________________________

Arlington, TX: $46,904

Income needed: $46,904

50 percent for necessities: $23,452

30 percent for discretionary spending: $14,071

20 percent for savings: $9,381

Arlington has a local median income of $53,055, which is $6,151 more than the income

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Society
KEYWORDS: cities; cola; costofliving
Navigation: use the links below to view more comments.
first 1-2021-29 next last

1 posted on 04/19/2016 12:47:45 PM PDT by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

FROM THE LIST, GET A LOAD OF THIS:

San Francisco, CA: $119,570

Income needed: $119,570

50 percent for necessities: $59,785

30 percent for discretionary spending: $35,871

20 percent for savings: $23,914

San Francisco residents face one of the of the biggest gaps between their actual incomes and ideal incomes needed to live in the city, with the $78,378 median income falling $41,192 short of the income needed to follow the 50-30-20 budget.


2 posted on 04/19/2016 12:49:00 PM PDT by SeekAndFind
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Elizabeth Warren Rule..No thanks how about my rule.
0% wants 100% needs


3 posted on 04/19/2016 12:52:21 PM PDT by CGASMIA68
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

We clear over $300k in Dallas and have only recently felt like we’re comfortable, that is until we have to write the big screw us check to the IRS...


4 posted on 04/19/2016 12:52:25 PM PDT by TexasGunLover ("Either you're with us or you're with the terrorists."-- President George W. Bush)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

We make six figures in San Jose. Certainly not living the life of Riley.


5 posted on 04/19/2016 12:53:40 PM PDT by Huskrrrr
[ Post Reply | Private Reply | To 1 | View Replies]

To: TexasGunLover

I have not lived comfortable in PA since Obamacare sucked money out of my pockets.


6 posted on 04/19/2016 12:53:50 PM PDT by angcat (TRUMP!)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Huskrrrr

But don’t you feel good saving mother Gaia via the California Carbon Tax?


7 posted on 04/19/2016 12:55:42 PM PDT by nascarnation
[ Post Reply | Private Reply | To 5 | View Replies]

To: SeekAndFind

And now, for those that want nothing to do with cities and living in an ant farm:


8 posted on 04/19/2016 12:55:56 PM PDT by doorgunner69
[ Post Reply | Private Reply | To 1 | View Replies]

To: angcat
For your reference:

[Pennsylvania] Delegates for Trump : Know Your Trump Delegates
9 posted on 04/19/2016 12:56:55 PM PDT by PA Engineer (Liberate America from the Occupation Media. #2ndAmendmentMatters)
[ Post Reply | Private Reply | To 6 | View Replies]

To: SeekAndFind

I’m in trouble. How much to live in Mexico City?


10 posted on 04/19/2016 12:56:59 PM PDT by Obadiah (For the left, truth must be discarded in favor of the narrative.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

If they weren’t so graphic heavy with stock photos of cities, the page would load 50 times quicker.


11 posted on 04/19/2016 12:59:37 PM PDT by a fool in paradise (Obama is more supportive of Iran's right to defend its territorial borders than he is of the USA's.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

20 percent for savings? Get real, a lot of people don’t (or can’t) save any money. The smart ones do save their money, but many people are living beyond their means and have nothing in the bank. Especially if much of their money is going for rent alone. What’s left gets spent on food and booze.


12 posted on 04/19/2016 1:00:34 PM PDT by roadcat
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Here’s a link to the site that really has the info:

http://www.gobankingrates.com/personal-finance/much-money-need-live-comfortably-biggest-cities/


13 posted on 04/19/2016 1:02:35 PM PDT by PAR35
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

I presume the SF number is for people that neither own a home or support a family. $119K doesn’t go very far there.


14 posted on 04/19/2016 1:06:02 PM PDT by rightwingcrazy
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

Sounds like everyone in SF should get a raise to $57.50 per hour, so they can make a “living wage”.


15 posted on 04/19/2016 1:09:38 PM PDT by NEMDF
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

ping for when I’m not so dang busy....


16 posted on 04/19/2016 1:16:38 PM PDT by Verbosus (/* No Comment */)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TexasGunLover

Was amazed at how much they say it costs to live in Houston. Must be why we live in the suburbs where housing is less expensive. When they were interviewing people yesterday who were complaining about no one helping them with evacuation, food and water during the flood realized it is no wonder Houston is in such a world of financial hurt. Gal said they were thousands of low income people in assisted housing who “have been waiting hours for somebody to help” them.

Going to be interesting when we have another hurricane and all these poor helpless people head north to Dallas without food, water, diapers or any financial resources. Hope you save some of your money to help them out - our family is out of here and headed for the Hill Country.


17 posted on 04/19/2016 1:18:47 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Grams A
our family is out of here and headed for the Hill Country.

We'll be just north of you if the SHTF...
18 posted on 04/19/2016 1:24:05 PM PDT by TexasGunLover ("Either you're with us or you're with the terrorists."-- President George W. Bush)
[ Post Reply | Private Reply | To 17 | View Replies]

To: SeekAndFind

It says you can live comfortably in VA Beach for $50,000. What a load! I’m a single man and I couldn’t live comfortably on that!


19 posted on 04/19/2016 1:24:37 PM PDT by pgkdan (The Silent Majority Stands With TRUMP!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: roadcat

Yeah, I’m thinking “Savings” here is really a euphemism for “Starbucks, lottery tickets, those really cute shoews, the occasional joint, or whatever else trips our trigger at the moment”.


20 posted on 04/19/2016 1:29:49 PM PDT by bigbob
[ Post Reply | Private Reply | To 12 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-29 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson